The Birmingham age-herald., 1921-06-13

To this sum must be added es1.- 800, 900 of per can't bonds gold by
 tho state of New. York last Friday to a syndicAte at thesexceilent price o. I'tei PIE, a figure which shows hsw wei the demand for tax exempt se-
 curities Is keeping up. An sddi- ffonal ,. 31o. .ooo, 900, being "soidievs cause of doubt as 70 their legality.
 Some lawyers hAve held that un6e: yko constitution; the state has Eo
 right to gipc It's nohoy away.
 Realizing that there is little prob
 abi1ity of any let-up In the drain on the United States treasury; Secretary Mellon has arranged 10 meet 1t by
 refundfng the s7.see. 900, ooor 'oE, short Isdhted debf soon to mature tnrou y1
 tho sale in cornbinat.on ofsthrse-yesr tredsufy notes bearing interest at y& per csntS and opeyear trsasnry' certificates paying 5 h per can't Sub scrfbers may take their choice as. to the, proportion .of each, but. ay other sales must follow the prospsct Els that the money market will be closed to private borrowers for sons Title tirne.
 Tor all this there ,is but ,onA.cure. it is govetnrne ntal economy. and tiis oafyi way to, secure it. is; for the lpeOp1e 1tOsa make tuelnscifcs HeAfu -u Washington and in the state tapi- tals. That they win do tals' u.ti- mRtely there Is no doubti out 1t, is in the hope that the stable door, my
 Dc closed befose. all the horses are
 stolen that tho foregoing has. been written. f,s,., a. q.
 Weeks Newx Inpyrt.~t. ...@'s The details of the weeks news are
 comparatively un.rnportArte except es they. roflect the ,largerS fac4oss dsait
 with in the foregoing. Gold con
 supposed to be coming from RussiA, via Scandinavia. and Lsnfn Is said to be again coquettins with ca pitaiisn.
 The gold reseryesl of the federal re-
 servo banks gatnSd &72.o0e. coo .dux- ing the week and tho reservs ratio
 has risen from 57.l to Bs.s DOT cent,
 Tho gold In tho Now York bank WAS incrsased. by ls.ooo.ooo and its ratio
 is up from so.3 to s4.2 per cent.
 Under normal circumstancos. those figures would have been stimui%tihg. but the decline in exchange. and tho other unfavorable features noted have nullifiod their influence. The stock market has in eonsequspce been soft and even the rAllread stocks, hitherto 50 .s steady < have Ao~AHtuu7 APpue 6h. .intitn0taOn bI1t thu employees would. strike rather than accept the wass reduction recently ordered. .e
 This lis very improbabfs.sb but people have become receptive to diseourAk- :, inE rumors. Railroad trxfEc lis meanwhile picking up, and earnings are improving. Tho not operating revenue of s171 roads for, -Abffl .rwas 921SS6.oo0. as against . ct. optrit- ing deficit of t3l. .3lt. 600 for the %sanne roads in April, fs10. e. ,r.:..4s.
 A distinct gain in tho construo. ticn, Of new buiidings underway is rorortcd,t which Is reflected In a bet tSr. detnarid for lumber, rhs govern rnent report On winter wheat isSdi- cates 2 smaller crop than was ex-. peeted. and n snes In tho market followed Its Issuance Cotten has been dull.' but not weak. iWith.i ian early settlement Of the .LAheasiiire strike. the. market would probably advancss for the crop news is not rood The advance in coffee has halted but tea is climbing.
 suKar Is Down F..
 sugar is down ltof 6Ae for refined, the isfewest since 1915. A single sale of raw sugar has been made at 2s5c, coat and .freigft sto, New York. rnts con pares with eiow of Il i.s7sc for raw touched in 1sil- The Cuban. su- :. gar industry Is rather prostrate, but 1Ss mills arc sstiil grinding. thou gh tnuch sugar will 'be! allowed to go tp waste. 5. The years crop Els z esti- mated at s35oo Q; 900 tons tnd presoht ssocks are N at i,az2.0oo tons. .as against es1,ooc tons last, gsar. The Cuban moratofiunnc will be nofninally ended June ls,E but coilections are' Apd probably will continue :. to Dc ' The,dry goods trade is, qnites .ctsxss es ; lfcf specialties, especially Eingh aris: Print cloths arc iHa demand, and, sA :; sos. besss sold at t cents: win, ? centss expected by some. The carpet and rug atiction hold ins New Yotk last week was q. great success. .Ths
 silk market Is distfnctiy iffrrssr. ,The copper market ssip more, scheerfui
 Inere, E q fair ,dtmAHd for July de- liivery tat l3k csntss.: ssT !
 priceH cutting swar Sin tho stssl
 tndustry is exbsctsd ~ :ths Hiiils as
 swholsse.e sast $ Spst.tsing 5 at ,nly F PCT holding Soffl in ths Sope thst aeo,nns.
 titioh foF SusinsMsss M ~iif s,sfs Five i've tSsm :n
 edyantase There s'iss said ,.to :, ha, .a dissinst s.s s yacu,irn n the supply of fab cssl fteescftsa, nclew ysssA.,. :.
 U Coal .prodqetinn Is. stili below. .snor-
 MAL For the fiTSt slSs days of. tho year: the total of. bffpmiEous minsd
 mAss sonly i6Gooo 900 ltons, {. d rletIm-
 ps rcd With POT, ,oec,o0o tsnsslSst syaAr
 tna 2e.eoe' oeo' in 1sts From thSss
 uearss a coal famine rext Z autumn
 would 'sneT to. 6sF Falmest :csrtasA. An
 vrasr prcduetfcn oe ahshrasite iGaipe Il4Ql64t o0ssr.x. sts.s ses.s . e, s Weei .is reakss AiEhsrs spa vosisS
 9ocds Are in demand. sAt eHs Coloniai wool auction Tn EcHdoa Isst vaslk