The Birmingham age-herald., 1921-06-20

which asserts that workers are en-
 tited to larger share of the wealth | they produce has been accepted by a great many employers.
 Higher pay implies the ability to spend more, and for this reason 1t is | probable that the range of postwar l prices, when finally established, will 1 be rather higher than it was before 1914. This statement is applicable l to our agricultural as well as our in ! dustrial production, provided the farmers learn the value of co-opera- tive marketing. That they are mak- ing some progress in this direction is | indicated by the success that has at tended the formation of the s100, 000,- 900 grain corporation now being or ganized among the farmers of the middle west.
 Liverpool Conference
 The cotton conference in session at Liverpool, where the planters as well as the merchants and manufac- turers are represented. is another phase of the same movement, as are the various local associations of which less is heard. The formation Of an agricultural bloc" in Congress, which includes 23 senators and about 100 representatives from the agricul- tural states-republicans as well as democrats-is evidence that the grow ing solidarity of the farmers is secur- ing political recognition in high quarters. Members of the "bloc" have agreed to vote together upon agricultural questions. As 8 parlia.- mentary device for the protection of sub-diyided ninorities the "bloc" has long been used in European politics. It will, however, be a novelty In Washington, and its effectiveness there when old party lines are tightly drawn remains to be seen.
 The details of the weeks business record are unimportant in compari son with the larger questions dis cussed above. New York is probably the most depressed place in the union at present. but the tonic of easier money which appears to be definitely in sight may effect a sudden change. The federal reserve bank here has re- duced it's redscount rate to 6 per cent, and the other banks are expect ed to follow suit shortly.
 Rates to private borrowers are dis tinctly easier The very best com mercial paper can be soll at E per cent. Call money Is lending at to , F per cent and some loans al per cent are reported on the street. The federal reserve ratio of reserves shows a decline of 1 F per cent for the week, but the reduction is likely to be temporary as 1t Is almost en- tirely due to the fact that the banks have loaned the government $300,000, 900 against the treasury certificates now in process of dlstrlbusion. The gold reserves gained s15,0oo,000, and 1t Is predicted that America will ] . Js Jse. monetary gold.
 Money Is Now Easy
 The fact that the Bowman hotel syndicate was able to borrow $3,000,- 900 more cheaply in Cleveland than in New York is cited as evidence of the ease of money in the west
 Sugar has declined quite sharply because the suspension of another important bank in Havana Is intec- preted as meaning the forced sale of the large stocks of sugar held in Cuba.
 Raw cotton is also lower on the speculative selling of Wall street bears, and a census report putting American warehouse stocks at 4,639,- 06S bales. The Lancashire cotton strike has been settled. but the Eng fish coal strike still continues and some l,oUV,VoV men III the eH6 iHoci- ing and machine shops of Great Britt ain are threatening to quit rather than accede to 15 per cent wage re- duction.
 MT. Lamont. of J. P. Morgan & Co, just returned from Europe, asserts, nevertheless. that conditions there are brighter than for two years. Our for elgn trade for May shows c falling off in both exports and imports. The for mer exceeds the latter by only S122.- 900, 900 as compared with SS14,000,00