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COTTON BEING HELD ASSERTS RESERVE BOARD Price Declines Continue but Are Main ly Confined to Commodities Show- 9 ing Previous Drops, Is Claim. i Washington, Jan. Z.-Further de chine m prices coupled with increased unemployment accompanied the coun- c try's continued progress in usess readjustment during December, ac cording to the monthly review of gen eral business and financial conditions isstied tonight by the Federal Reserve Board. The price decline during the month -was placedt at 8% per cent by the board, which added the observation that thp decrease in prices was mainly, confined to commodities which had shown a decline previously rather than I an extension of price cutting to other 'industries. The decline was reported as most't marked in agricultural products, tex tiles, hides, leather and iron and steel products, while coal, petroleum, gaso line, paper, brick and cement remained largely unaffected. Some reductions were rel)orted in the open market in i the latter group of commodities, the board said, but contract pricis i) peared to be at the same lev 1 as in earlier months. Reduced business activity, the board stated, out operations in many lines 1 from 40 per cent to 75 per cent of r ormal and brought, accoi..panying uln employment. The shrinkage of de-, mand, the board reported, also was responsible for wage cuts running as high as 25 per cent in some lines. Hanking Power Maintained. Banking power, on tile other hand, was well maintained, the board as serted, normal credit accommodation extended to legitimate business the reserve ratio growing stronger and inter-reserve borr:>wing in part liquid ated. With liquidation- of loans at the member banks beginning the board forecast better conditions. Business in wholesale and manufac turing lines was -ported jnactive in the Richmond dis t, building opera tions at a minimi.n and unemploy ment prevalent, but signs of improve ment are noted. Most of the cotton crop 'has been liarvested in the Atlanta district but is beinlg largely held, while* farmers generally feel 'he effect of low prices. Other markets in the district are quiet, coal production has increased and lower prices of big pig iron have rot produced any great amount of business. Throughout the cotton belt rains have delayed picking to some extent, while in some sections farmers are reported to be abandoning the cotton!1 because of the decline in price and the relative scarcity of pickers, to gether with the high wages demanded. There has been considerable deteriora tion in the quality of the lint due to the wet weather, and the bulk of the ginning is reported to be grading be low middling. Movement of Cotfnn low Movement of cotton has been rela tively slow receipts showing a. sharp, 1 We futu ask: as s( l::tuttuu:u nd unseasonable falling off. In some ections it is reported that sellers have omplained that they were unable to ell their cotton at any price unless i L was a superior grade. However, i otton farmers in'many sections show i tendency to hold as much. as pos- 1 ible of their crop off the market, < a the hope of an advance in price. I Tany new cotton stQrage warehouses i ave been constructed. The low 'prices I ealized for cotton have resulted in I onsiderable attention being given to a he reduction of next year's acre I ge, some planters proposing a de- I rease of one-third, and crop rota- i ion has been urged. - The tobacco situation has shown but 'ery little change. Opening of the Vestern dark markets in Kentucky vas disappointing to the farmers be ause of the prevailing low prices, ogether with the decreased demand. In the Richmond district, the re ort says, "the farmers have shownA tendency to sell their off-color and oorer grades, apparently holding heir best tobacco until after the holi lays in the hope of better prices." xport demand for leaf tobacco is cry small, while manufacturers Locks are reported large and their )urchases have beei kept at a mini num. The slackening of demand for nanufactured goods continues, with he result that some factories are losed while others are running only mn part time. The decreased demand s most noticeable in the case of :igars and the retailers' orders are ailing, off in consequence. Slight increase Shown Although a slight increase in the )uying of cotton by New England nills has occurred during the last nonth, purchases have been below iormal, while mills in the Carolinas are said "to have been out of the narket for some time." In view of the imited demand an dthe size of the! Trop it is not surprising that price leelines have been continuously re -orded. New England mills are esti nated to have been operating at even ower capacity during the middle of )ecember than during the previous nonth, and it is stated that in Gaston ounty, North Carolina, where the fine .'arn industry of the Richmond (is rict is largely concentrated, the iiills have closed down entirely. HIigh wage levels and hihh prices ,f building materials continued to tamper resumption of building, the Richmond district showing a decrease )f 54.6 per cent in the value of per mits as compared with November and he Atlanta district showed a general .rcnd downward, although a few cities diowed increases. Production of lumber has declined renerally. In the Richmond district ,ome improvement is shown. Opera ;ions ore resuming in many Ala :ama mills and a number in New Or leans are expected to resume after -he holidays. Increased demand for Southern pine has taken place, and im consequence prices have strength e.-- --o - i. C. TOBIACCO ASSOCIATION TO MEET IN FLORENCE JAN 14' Florence, S. C., Janl. 4.-The. ,~ 11 st tobacco interests of the United A L ETAKE TH] offriends and will do all in om re. We wish for ea< Eor. We are better p Watch this spac >Ofl as our inven' A L tates will convene in Florence Jan., 4th, when the South Carolina Tobacco kssociation will have a state-wide nass meeting of growers to present md follow up the plans adopted and ecommended by the Inter-State To acco Growers Association formed De ember 17-18 when leading tobacco rowing interests of the country held big convention in Richmond, Va. N. 1. McMillan of Mullins, president of he Sou'h Carolina Association, prob bly will have a special meeting of us directors and cther officials in Olorence next Thursday to make ar angemcnts for the greater meeting alled for the week following. Aaron Sapiro, of San Francisco, ,alif., legal adviser to 14 different co perative growers and marketing as ocimtions through the Pacific coast taLes of Washington, Oregon and Jalifornia, will be one of the principal ittendants. He is expected to outline iossible lines and plans of proceedure o solve the depresoing circumstances low attending the tobacco industry o solve' the depressing circumstances low attcnding the tobecco industry in he tobacco growing states. Dr. J. Y. royner, of La Grange, N. C., president of the Horth Carolna Tobacco Asso intion and former state superinten lent of public education of that state, vill be present also. Clarence Poe, of aleigh, N. C., editor of the Prog 'essive Farmer and one of the fore nost ch:mpions of agricultural inter %ds of the South, will also attend ahd )e ono of the principal speakers. Dr. N. W. Loig, of Clemson College, di -ector of the extension service in iouth Carolina, is expened. The s)ecifie object of this meeting is o familiarize the growers of South :Ahroliina With the conditions of the to )mteco industry in South Carolina and renerally throughout the tobacco belt. [I possible, the meeting will resolve 11on means and meth'jds of meeting Condition, and put them into opera According to cminent authority, the .obacco prodtcIion today is 500,000, )10 pOundIs while the consumption is mly 450,000,000 per ann min1. The pro mositioni now, as a director- of the as sociation stated here today, is to d' .ermine what to do with this surplh; md how to dispose of it without los.i .o the producer. The nime nir in Rich monl I the mi I lie of December is; reported to have een one of the greatest assembli's of obacco growers ever held in the coun ry. A tttnding it were representa iv s from practically every tobacco riowing state in the belt. Thus far, I'e state and sectional associations of 'irginia, Tennessee, North and South Jarolina have joined the Inter-State issociation. Kentucky is expected to issociate with it also. South Carolina was recognized well >y the big Richmond meeting as in icated in the important offices to vhich her representatives were elect >d. Dr. Long, wias naned one of the tnter-State executive conimitteemen. Bright Williamson, of Darlington, was lected one of the Vice presidents of he association. T. Benton Young, ecretary of the South Carolina asso .IItion was elected a neiber of the ommittee on contract. IS MEANS OF customers for ti power to merit :h and every on repared than ev e for important Lory is complete ,D ER - mttttttititttttttttttttttt MAM N QLALITY TELLS j N PRICE SELLS ONWARD IDEAS m pq and m CLIMBING THOUGHTS for 1921 It is no great imperfectiot to make a mistake but is is an imperfection not to feel it. When one gets the feclin lhe is absolutely dependable it comes as a shock every time he finis himself N slipping up. It is only the people vho * make mistakes and do not mind who aire hopeless. We are runiing into some up-hill days. While prices, wages, satlariei and selling markets are tumbling down, they are making up-hill condi tons for industry and business. They say "everything which goes u: must come down." This appliies to everything but man. With man thr? is anothei law, "Every man who goes down may come up." There is some thig evien in Nature which struggles against Nature's own laws. It is the aii of life to live even thoiugh the underlyin g law of Nature is death or han ge. .1an is the greatest achieve ment of this splendid law of lightini.g back up-hill when pushed down. Onward is a good word but upwar I is a better one. Itills test us and testing proves us. The opIortu nity of holdinlg on, steadymng the ship, cheering our fel low passengers, showing the stufi we .nr made of, is u pon us. We enn do or pa rt by, taking courage anitld ne cepting changing conditions with the knowledge that any inconvenience to day will mean better times tomerrow. 0Tl'IGRA MS Ihelcre i, a dedl cIntre Ai hiuman af fairs wn ich we believe may be foun i in fulfilling the dictates (if common srise We are forever swinging one1 'side or the other, too far up . too far down. Can we stop in the r:gh t spot this trip? The best we have in us is far better than thie best the worlb can give. What you get out of Your job through what You put into it is more thant coies out of it in dollars and cents.---Selected. SPECIAL Blankets in all Wool and Wool Nap along with extra fine Comforts to go at iew 1921 prices. OUR SHOE VALUES WILL MAKE YOU HAPPY! IME EEEKE aEEEEEEE - MAN' THANKING OUI 1eir esteemed patrc a continuance of t a of you all the su er before to serve ~ announcement, w. M A N' utitttttttttttttttttttttt tt tttttt I. RIGBY, 'he Young Reliable "COMMON S Prices to If you have alrea( with 'RIGBY'S' merch mon Sense" prices thi Most certainly interest grand new year's favoi about it. Very best Dress Gingh. 36-inch Linene, yard -- 36-iach L. L. Domestic 27-inch Cotton Flannel 36-inch Cotton Poplins, Heavy Hick ToWels . Huck Towelling, yard Hemmed Napkins (fin All Linen Doilies, each Frortella Palm Olive Soap Cologone Bouquet Soal Maxine Tooth Powdei Violet Talcum Vick's Salve Oat Meal Soap Box Paper (Heather 1 The above prices i everything else in our cordingly. J. H. 1 THI IEEEE'AEEEEEEI S 1 THOUSAN >nage in the pi he same irn I ccess you col ,ou. bich will app< S tit itittitit-ititittttti IEEENE.E...Eav QUALITY TELLS * PRICE SELLS m ENSE SALE" , Continue. ly acquainted yourself M indise and these ' Jom- m s announcement will M you and you will do a to tell all your friends m m m 11ms, yard --------25c ----------------25c , yar(21c , yarid -20c U yard 4------- 5c a -19e * -- 19c * s'damask), each --13c ---------------- 83c m 21ec - ------------ -----------------8c M ------------------- 8c In 22c M M awn) ----- 23c N ndicate our offerings- m large s-tock priced ac I G B Y9 YOUNG RELIABLE M I :he -- -Sc I F'd ia~vI)-----------23 I U?3!t1t!!!