The Birmingham age-herald., 1921-08-22
By THEODORE IT. PRICE, Editor, Commerce and Finance, New Torki Copyright, Theodore H. Price Publishing corporation, 16
 Exchange Place, New York

Editor, Commerce and Finance, New Yorki Copyright, Theodore H.
 Price Publishing corporation, 16
 Exchange Place, New York
 New York. August 2i.-(Special. Despite the 'aloofness of some Amer jeans the drama now being enacted on the worlds stage includes all hu- manity and to be understood it must be seen in its entirety. Interest this week has shifted to Europe. The Irish atmosphere is again cloudy and while there is reason to hope that DeValera may not mean all he says and that the ancient feud may yet be settled it is plain that the Eng fish people will not permit Ireland to secede and 1t Is possible that Great Britain may find herself involved in a long and internecinc conflict as q result of her determination to pre- serve the United" Kingdom,
 That she will succeed in maintains ing the solidarity of the British en- pire even though she may have to face a struggle so deplorable there can be no doubt but the pity of it and it's possible effect upon her dD- minions overseas must give pause 10 the thoughtful observer In distant India the rumbling1 of unrest are distinctly audible. in Australia the demand for an Imperial Parliament in which the Antipodean common wealth shall be represented is daily becoming more vocal and in the re- lation of Great Britain with several other nations of the eastern hemI- sphere lesions are threatened that may severely tax the remedial skill of Lloyd George who continues to amaze the world by his political deX- terity. His latest appeal for a triple alliance between Great Britain, Japan and the United States is probably ill., spired by recognition of these in- volvements and their implications The wonder is that he can stand the strain So long as he can maintain skimsclf and his coalition cabinet he will probably be able to compose the situation but less tactful and more autocratic leader might find it diff cult to deal with.
 English Markets
 Realizing the complexities of the outlook the English markets have been a little less confident in tone during the week and exportable American staples such as cotton and wheat have shown rcactionary ten dency.
 Another and a curious consequence of the parlous conditions that exist in Europe is to be observed in Ger many where the Berlin stock eX- change suspended operations for two days because it was overwhel I'm ed with buying orders inspired by de- sire to exchange the rapidly deprc- ciatng paper mark for securities supposed to have permanent and intrinsic value. As a result of this eagerness to exchange marks for something else they have fluctuatel wildly. On Tuesday they declined to t.06s4 recovering to 1.22 on Thurs day.
 At a cent apiece s1o,o00 will buy a million marks worth S240.000 at their par value in gold. Attracted by such long odds a great many fatuous people in this country are taking the gamble and it is not impossible that large share of the German repara- tion fund will be raised by the sim ple expedient of running the Berlir printing presses and selling then paper output. A banker who ha. studied the facts closely told me thai he was disposed to believe that ir one form or another American now owned enc fourth of the outstanding German circulation, which accordirl 10 the last statement of the Reichs- bank amounted to 77.s00, 900 1'.t marks. This does not include tht "Darlehn nslSassenschein'' notes issue, by the German treasury whicl amounts to about Is, GOO 900, 900 mark s Against both these issues there 1. held only 1.os1 ,5o0,oo0 marks in gold
 Rather Joke
 Certainly the case and promptl tude with which Germany is now making She reparation payment. agreed upon is surprising and tho joke would be on us if it should turr out that she is exchanging 100 papel marks which cost her little or noth ing for a dollar in good Americar money
 But whatever the facts it seem: unlikely that Germany can continu' to conduct her business with such z preposterously inflated currency ant when delflation comes as come il must the demonstration of paper IT Germany with the speculative col lapse that viii inevitably follow ma, be acutely felt in France and Ital. where the circulating medium con. sists entirely of bank notes that art practically irredeemable.
 Elsewhere in Europe the week na. brought no striking developments American relief for famine stricke, Russia has been delayed by sovie insistence upon supervising it's ad ministration. This Mir. Hoover ha.
 
 Russians thereupon waived their do mand and the machinery of food dis tribution has been finally set in mo ton. The released American prison CTS now coming out of Russia repor that the country Is politically un conscious and an economic and soca wreck. Tho war between Greece ant Turkey is still in progress though o,,l papers hardly mention it and mos Americans are unaware of it.
 In Mexico the insurgent clement i' trying to organize another revolu ton against Obregon. whose reve nues have been seriously reduced be cause the export tax on oil has prac tfcally stopped its production. l' Cuba the financial crisis is beins slowly relieved as the sugar is sold but recovery is slow. Incidentally raw and refined sugar are about q points low >Nin the American mar kets.
 Little News
 I have given first place to review of foreign conditions this week be- cause there is really little that ii new to report In regard to affairs at home. Things are slowly but steadily improving here but the Speculative spirit is still lacking and the demand is for the necessary rather than the superfluous. If we are as some believe sufficiently self contained to be unaffected by the re- action which will attend upon Euro pean deflation we have nothing but A our own fears to make us afraid. For