The Birmingham age-herald., 1921-10-10

 is directly due to the growing ease of money, which Is affecting the en- tire bond market and making 1t easy to sell the new issues that are being brought out from day to day. An nn- nouncement that the public debt had been reduced by $963, 900, 900 during the year ending September 30 and that the total reduction from the high water mark of August 31. 1919, is s2672593.00 has also helped to advance "Libertys." The gross debt then was $26,596,701.000 It Is now $23924, 4,108,000, and 1t Is figured that at this rate the entire debt would be retired in 16 years. The figures are, however. misleading. but 1t Is true that if interest rates continue to de- cline 1t may be possible to refund and extend the debt on a basis that would benefit the treasury.
 The weekly statement of the feleral reserve banks shows no change in the reserve ratio and a gain of only $7, 900, GOO In gold The smallest in many weeks. Circulation has in- creased by 25,000,0o0. The Philadel- phia bank has reduced its rediscount rate to per cent and the Minneapo- lis bank to per cent. No other changes are reported.
 Stock Market Soft
 In the industrial department the stock market has been soft. reflect ing the fear that some more impor- tant corporations would suspend div idends upon their preferred stock. The railroad shares have been curi- ously unresponsive to tho improved earnings reported The net revenue of the Class railroads for August is estimated at $90.000,000 or at the rate of about 5 per cent upon the tentative valuaion of the interstate commerce commission, An autumnal shortage of freight cars in the west Is now predicted. The traffic Is certainly showing a rapid increase. President Harding Is still urging the passage of the railroad refunding bill, but Congress seems reluctant to enact 1t. Some day the public will realize that the railway stocks are selling at bar gain prices.
 Except for the statement of the German Reiohsbank, which shows an increase of 4.205. 5000 marks in the paper currency outstanding the finan- cial news from Europe Is not sensa- tional. The total of the German pa per circulation Is now S6.3S4, 300, 900 marks. It is somewhat surprising that the price of marks did not de- cline still further when these figures became known, but rumors that Ger many would somehow meet her next repartaion payment have had a steadying influence. and as this Is written 100 marks can still be sold for about S1 cents. Just why any one should be willing to buy them even at this price Is not clear The fluc- tuations in other foreign currencies are without significance.
 Silver has declined about 3 pence from the top. By some the reaction Is attributed to the political unrest in India which seems to be spreading.
 Riots among the unemployed are reported from London, but the stock market Is unperturbed Money is growing easier and an excellent in- vestment demand is reported.
 Elsewhere in the world the satis- factory and the unsatisfactory appear to be about In balance as usual, and while we cannot, of course, expect the wild activity of war times, there is every indication that In Europe as well as in America those who are en- terprising and industrious will be able to earn their keep and something more besides.