The Birmingham age-herald., 1921-03-28

The propriety of the change is a highly technical question of accountancy. l would not criticize it, but the important fact is that the reserve ratio figured as formerly would have been. 52.6 per cent on March 19, which is the highest figure touched since June, 1919. The improve ment is due principally to the gain in gold adverted to last sweek, but 1t is also attributable to the decrease in the fed- eral reserve circulation which reflects, of course. the numerous wage reductions and the decline in commodity prices.
 Meantime gold continues to come in and the stock market is higher and much more active. so anticipating, in the opin- ion of many, the commercial revival that is sensed by the speculators whose busi- ness it is to try and lock beyond the horizon.
 There are, however two lines in which an improvement can be discerned with out the use of the binoculars. One is the cotton cloth trade, where print cloths and other staple goods are 10 per cent higher. The other is the automobile in- dustry, in which, hard as it is to be- lieve, there seems to be a demand for cars that is fully up't the present mod crate production Woolen goods are also in better request and raw cotton, despite . larger ginning than was expected, is 11z cent above the lowest figures touched. largely because of an advance in Liver pool which is seemingly predicated on the expectation that British trade will be greatly benefited by the reopening of commerce with Russia under the agree ment that Lloyd George has made with the soviet government.
 RUSS GOLD ON WAY
 Washington dispatches report that Le- nine is making overtures to President Harding for similar agreement with this country in anticipation of which seven tons" of gold are on the way here from Russia via Sweden. but no one knows the facts and our state department maintains . non-commital attitude on the subject
 There are, of course, a great many things out of gear, There never is and never will be time when all the ma chinery of business is working with per feet smoothness but tile general dispo- siticn~ is to assume that the worst is known and discounted. and that since human affairs are never static the pen dulum will now tend to swing back to normal. Thus the packers strike which threatened to be serious has been settled and the lower wage scale offered has ] been accepted. and while General Alter bury and the leaders of the railroad 3brotherhoods have shown some truculency in giving their testimony before the labor board in Chicago, the cars loaded during ,sthe week ending March F numbered 702.- 06S, as compared with 7ol .266 in 1913. when we were just emerging from the post p4s1nistice depression and entering upon { the boom which eliminated last year.
 In the steel industry general curtailment is still the rule. but 1t is admitted that .here has ben some improvement in the ! demand for construction purposes ana many renewals of orders previously can celled by the automobile manufacturers. The market for copper, although quies- cent, shows better tone at l2 cents ! pound and even the leather business. where gloom and depression have recent ly ruled. is waking up, though 1t is said to be still half asleep. s,
 NOT BAD SHOWING
 x The larger mail order concerns which dealechiefly with farmers and demand cash with each dxder report that thelr