The Birmingham age-herald., 1921-12-26

IS less of what might be called cor shops. Reports from other large ci economy, though salutary, does not
 Perhaps it is because as Decem Fer 31 approaches there is general fOr this year must be chiefly devoted to the payment of former losses that nearly all the markets are some- what stacker. The declines, where any have occurred, are almost negli- gible, but the demand is shade less eager than it was. This is particu larly true of the bond market. and it is entirely natural that the enormous bond sales of the last few months should be followed by period of qLlescence and digestion
 In the other markets the hesitancy shown must be attributed to extra neous influences for there is no speculative congestion in either stocks or merchandise
 The unfortunate ambiguity of the four power treaty whereby doubt is created as to whether the words "insula, possessions and dominions' P are tc he construed as including the islar mU're of Japan itself pro =h lae most important of thf t. tences as a revia
 seems necessary .a
 d the peopl rt frea less hair-satit r. pasT aaal is peace ara hy
 4#c ot only am Tou bus aT e d of tar I1i tcni /ad }e eiai5sa erta' tlat i7 go maIe H7e bus ne
 Tine l The ifi= s1i r5ti fs g tn 3e sa to Aor drA is a1nl at Ing act Jr nat is fei as ahf ss.
 .fcrmap ity
 Still another aaH' insis- teuce that eA0 pag 10, 0,000,- 000 gold ms apa -4tion in- stallment C. drks due in January all on ac- count of tn marks due in February oncurrently the Reichsba r that I03.00O.- 000 900 paper outstand- ing December ae Hsi which there was held a rese than 1 per cent in gold altime Prof. Irving Fisher of Val university, now in Germany, is quoted as saving that German chemist has succeeded in making synthetic gold. and while the authenticity of this statement is doubted it has brought into bolder relief the economic chaos in which "Mittel Europa and Russia are in- yolved.
 Que curious effect of all this fnar- cial disorPa 'z tflu Al tnat th 0ll.I csp tonic Esrape s4ea- iae sanzf in sRizzer land aac that Amer. eaH 7ell- rs a-e seiHss at disoannt tAere whiis sbefe ti.uc money lsiauafag 1t s' DOT eeel.
 To trE q tr r-t al ti.is faD s- 44.Uyu George IS ar rang tl call an economic confer eult hold in London or Paris.
 reea it hoped remedial measures fift arv practicable can be agreed upor Neanuma foreign exchange rem. f3 reyuarks ply steady, and even mark rontii,Ns alahle in New York at fro. 50 Go 60 cents a hundred. II is on wncn n contrast the en- thusiasm tha followed the opening t. of the aimament congress with the "let dowt now felt that we real ize the inti nsic soundnes of busi- ness conditions in this country. Our iistributive trade seems fully up to normal.
 suppiY of Credit
 The supply of credit is ample. and ivaiie bs gssucl of the holiday de- Rard rrrancy the weekly state mont e tle Federal Reserve banks shoas -1ccs aHes of S54.g00. 900 in cir culation and s1O00O0.0o0 in loans that are reflected by per cent de- cline in the reserve ratio it is prob thle that after the New Year the re- serves wlil rise gain. It is to be noted. acwever, that for the first time in ntt 1y We eks the gain in gold
 lest saar s2.ae0, ,000, and there are she'eaup7s that t will be less rapid l.scaafter
 The ,.- e'9puel Us in the commod- ity markets call for but little com ment. Cotton is steady but the ad- vancing tendency has been checked. By way of an antidote for tis in- creased estimate of the American crop the department of agriculture has published statement in which The worlds cotton production for the current season is put at 15,593,0O0 bales, as compared with 10,650,00o tales last year The Russian crop for this year is estimated at only 50.c00 bales, against 1.309,00 bales in 1914
 Sugar Is attracting good deal of attention. The Cuban sugar finance commi ssion, which has con- trolled the sale of the Cuban crop for some time past, has been abol- ished by presidential decree as of January 1, after which date the mar ket will be free. Sugar futures are selling at or near ? cents pound for raw sugar landed in New York. This price does not include the pres ent duty, which on Cuban sugar IS 6 cents per pound.
 raw sncqr has not for many years sold at less than 1es cents per pound, landed in New York, some patient spectators are now buying it upon the theory that a great staple Is generally a good investment when it can be bought at approxi- mately the lowest price on record.