The Birmingham age-herald., 1921-11-07

New York, November 6.--(Special) In so far as America Is concernerd nearly oil the facts of the commer cial and financial situation ars en- couraging. Credit Is abundant. The reserve ratio Is again higher at II per cent. We have a gold reserve so large that 1t is plethoric. It gained $l4.OoO. 900 last week Interest rates are coming down, as witness the re- duction of the rediscount rate by 10 federal reserve banks last week. The present rates are;
 Boston, New York, PhladeIpn l 11 Richmond. Cleveland, Atlanta. ... 5 1a Chicago, St. Louis ........ Minneapolis ...,....-.......... Kansas City, San Francisco ....
 Commodity prices are so low that distributors run but little risk in stocking up. Making allowance for the decline in prices, bank clearings indicate that the turnover of goods is as large as 1t was a year ago and nearly every one whose opinion car ries weight Is talking enthusiastically.
 Feeling Is, however. as important as facts, and it must be admitted that the business complex lacks resilien- cy. Enthusiasm is wanting and doubt of the future seems to have laid it's chill hand on the entire community. The reasons for this discouraging apathy are mainly political. l mean political in a philosophic and not a partisan sense.
 Government Problems Increase
 There Is a consciousness that the problems of government are becom- ing increasingly difficult The future of civilization depends upon the abil- ity of statesmen to maintain peace, preserve order and equitably dis- tribute the cost of government while adequately protecting the rights of the governed and their property. There seems to be a fear that with the burdens and the enmities that war has created this will prove to be im possible and the present hesitancy Is a consequence of this wear.
 There Is an eager hope that at the disarmament congress to convene this week a way will be found to resolve international antagonisms and make 1t impossible for the nations to fight by taking away their weapons. but there is also a realization that the effort may fail and that the world may remain an armed camp for the maintenance of which society would have to bankrupt itself. It Is this latter contingency that causes men to pause and makes it the duty of every one to work and pray that a meeting of minds may be brought about at Washington.
 Meantime the business outlook re- minds one of an unfrequented street paved with cobblestones between which the grass persists in growing despite the Encouragement of the stones and the passage of an occa- sional vehicle.
 One of these stones is the tax bill which the Senate Is trying to fashion Most business men will join with Senator John Sharp Williams in his appeal to both sides of the chamber Ito do more voting and less talking and let the American consumers and the American taxpayers find out where they are"
 Western Farmers PredIcnment
 Another stone Is the predlcament in which the western farmers find themselves as result of the decline in wheat and corn and the high freight rates. One of them who lives in Indiana writes me that many of his neighbors will be unable to pay the taxes now due because of the heavy losses they have made on the years operations. He argues that since the government guarantees the miner s1s.eo an ounce for his gold and has under the Pittman act re- gently undertaken to pay s1 an ounce for silver of American production. the farmer Is entiitlted to similar guarantees for the product of his toll and adds that unless something Is done to reduce the speculative hazards of agriculture. 1t will be abandoned.
 A third stone is the labor unrest which, though 1t was quited In the case of the railroad workers. Is again manifest in the New York milk strike and the strike of the bituminous coal miners. which may involve nearly 100000 men.
 It Is reassuring and really surpris- ing that In the face of so many un- toward developments some markets have advanced. and that no com modities except grain have declined seriously.
 As to wheat and corn 1t seems a clear case of surplus and no de- mand for export Cotton has been steady but the demand for cotton goods Is becoming less active Coffee Is up another Sc on buying attributed to the Brazilian government but more probably due to public realization of the smallness of the supply held in this country. Raw sugar is firmer for the same reason. Reports from the steel industry are conflicting. but agree as to the increased output of both iron and steel.
 More copper is being sold but prices are not much changed. A further ad- vance of Soc barrel in Pennsylvania crude petroleum is announced. If the trade reports are to be believed lum- ber is higher and more building Is being undertaken as winter draws near. which is at least unusual, while the years totals to date show the amazing increase of nearly 200 per cent over the 1914 figures. With the steady revival of industry this ac- counts for the decrease of a million X in the number of unemployed re- ported during the month.
 Europe'a Outlook BecIouded
 The European outlook, like our own, Is beclouded by political and so- cial unrest. The Irish question has again become acute The dexterity of Lloyd George Is being sorely tried in dealing with 1t. but the indications are that he will succeed. The Bank of England has reduced it's redscount rate to per cent. Marks are again lower at 47 cents a hundred In New York and the shelves and shons n f