The Birmingham age-herald., 1921-07-25
Autun1nal Shortage Caused h Manufactured Lines By
 Present Underproduction
Gamers Say Goods Will Go Up on Account Low Pack, While Potash Producers Are Sending Out Warn ings to Chemical Shortage-Other
 Trades Report Improvement

irediscount rates to 14 per cent, thus responding somewhat tardily to the l criticism that has been provoked by the high rates previously exacted. The agrarian leaders of the west and south are meantime demanding an in. vestigation of the charges of favorit- ism and extravaganza in the man agement of the federal reserve banks that EX-Comptroller John Skelton Williams made in his recent speech at Augusta, Ga, and Mir. Williams himself Is to be heard by the joint committee on agriculture of the House and Senate on Tuesday July 2o. It this hearing it is expected the ful will fly, for the ex-comp- troller has declared that he intends to fight with both fists.
 The money market, as might have been expected, is easier since the re. auction in rediscount rates was, an nounced, but even the best comnaer- cial paper has not yet sold below per cent. A lower rate is nat 70 be expected IS long as Liberty Bonds and treasury certificates can be bought to yield Sa4 per cent or more.
 The bureau of internal revenue has published an interesting list of the American expenditures for taxable luxuries in 1920, Here are some of the more important items: Theatres, including moving pictures, S1,O00. 100000; tobacco, s900.0OO,0 900; ice cream, soda water, etc, $500, 900, ,00O candy and other confections s4Ou- 100000; perfumes and cosmetics $50,000,000; diamonds, jewelry and watches, s220 000,00 club dues. s5O,- 100000 bowling alleys, pool rooms etc. Sb,000,000; musical instruments, s220, 100000; toilet soaps and powders S67 900; furs and fur trimmings s150, 900; pleasure automobiles and accessories, $2,000, ,000,0O0.
 Not Really Hard Up
 Including all items the list totals over 5000, 100000, and fromS it some idea may be had of the economic slack that the people of the United States can take in before they become really hard up.
 The news from abroad Is nearly all encouraging. The Irish problem is not yet entirely solved. but the conferences being held in London are slowly bringing the dissident ele- ments into agreement. The diplo- matic correspondence regarding the disarmament congress called by Pres dent Harding is like all diplomats correspondence, rather cryptic, but it is impossible to conceal the fact tha public opinion favors the movement so strongly that no one power will dare to thwart it. The announce ment that Lloyd George will visi this country as one of the confer ees is enthusiastically received. 1 British trade is better. The London markets are "quietly firm" and the Bank of England has followed the example of our federal reserve banks in reducing it's rediscount rate to 5h per cent. Mir. Bernard Baruch. l who has been in conference with | Hugo Stinnes in Berlin, says that cause the Germans are working | Henry E. Cooper. of the Equitable | Trust company, just returned from France, makes an optimistic report of conditions in that country. Dr, | Frank Crane describes Belgium as highly prosperous.
 dispatch from Rio Janeiro says that the financial crisis in Brazil has passed and the latest advices | from Cuba indicate that the depres sion has been somewhat relieved now that sugar can be sold more readily.
 America's Ireland
 The news from Mexico, which has | been called Americas Ireland, Is. | however, still inconclusive. The con- flict between the Tampico oil men | and the Obregon government is not ! settled and conditions elsewhere as far as known are unsatisfactory. It | is said that the population of the | city of Mexico has been increased to over a million by the influx of those who formerly lived In the rural dis tricts where life has become unsafe. |
 Viewing the outlook comprehen- sively, the intelligent observer can | hardly fail to agree with the Ma tional Bank of Commerce in New York whose report dated July 21, | says: The United States is practi- | ly through the period of violent bus | mess disturbances which began in May, 1920. We will from time to i time have visible evidences of the distressing conditions through which the country has been passing, but these occurrences should be regarded | not as indices to forward conditions but as relating to the past. The main | requisite for a return toward nor nal conditions is the will to try for ! business on level where 1t can be had. The period of general liqulda- tion of the raw material markets of the United States has passed"