The Birmingham age-herald., 1921-09-05
Speculative Confidence ShoWs Mild ReuiUaL Past
 Week With People Hopeful
Price Says He Observes With Satisfaction That Nearly Everyone Is Coming to Share His Persistent Opium
 ism in Regard to the Autumn Trade

bidden to reduce rates on his own road, but he has cut the price of his automobiles to the basis of S355 tor the touring car,
 Ripley Submits Plan
 Professor Ripley of Harvard, nov associated with the interstate con- merce commi ssion. has submitted a tentative plan for the remaking of the American railway map which contemplates grouping the various roads in 20 great systems. Thus far the scheme is admittedly academ;c but in time something of the kind must become reality and the su,s- gestions made will repay careful study
 The statement of the federal re- serve banks shows q further gain of $22,0G0. 900 in the gold held and a re- serve ratio of 66S per cent as corl- pared with 66.5 the week previous It is difficult to believe that thie constant increase in the gold supply can much longer be without effect upon values as expressed in terms of gold,
 All foreign exchanges except mark $ are higher The advance is explained by reference to the German repara- lion payments but no one really tn derstands 1t. The decline in marks is, however. plainly due to the fact that too many marks have been printed. It may also be in part due to the political unsettlement reported from Germany following the murder of Erzberger. There is, however nothing to indicate that the political stability of the German republic is seriously threatened.
 Irish Question
 The Irish question is still in the air but the rioting in Belfast is not reassuring to those who hope that Ireland will some. day be entirely tranquil. Seemingly that is impos sible. The East Indian uprising in Malabar is apparently becoming a very serious affair and the private war" between Greece and Turkey is still in progress but the London stock exchange is unperturbed. Prices are rising, money is easier and the rate for call loans has fal.en to per cent. Old John Bull is cer- tainly phlegmatic character for most people would be hysterical with less than half his worries.
 The news from Mexico is highly encouraging. The supreme court C.. Mexico has enjoined the departmen. nouncing" or sequesterng the rights of the Texas company to oil undo. the lands owned or leased by it prior to May 1, 1917. The attempt to make the new Mexican constitution retro active is thus frustrated and one of the things for which Secretary Hughes was contendng Is secured. It is predicted that early recognition of the Obregon government by i:e United States will follow though this seems doubtful.
 The decision of the court was cu- riously synchronous with the arrival of the American oil magnates in she City of Mexico, but it is none the less satisfactory because it justifies my prediction that it would be found that there was community of inter- est between Oregon and oil.
 There can remain no doubt as to the value of oil as lubricator, and If through it's application the gates of Mexico shall again by swung open to American enterprise it may be that the event will provide a psycho- logical stimulus that will hasten the business revival that seems to be im- pending in the United States.