The Birmingham age-herald., 1921-08-29
Commerce Much Inaproued But Finance Is Depressed;
 Merchants Looking Ahead
Wall Street Has the Blues Caused by Wreckage of the Recently Rich Who Had Thought Themselves lnvulnerable to the Slings and Ar
 of Outrageous Fortune

| SViAcHl anu Wnlle prices are not yet much. higher, the bullish feeling in the grain market is becoming more pronounced and sharp upward movement would not be surprising
 Sugar is the only important conl-i modity that is lower and the slight | decline recorded is hardly more than reaction from the recent sharp ad- vance.
 The encoura sing import of the facts thus assembled seems to have 1 been appreciated by those who hava written the various trade reviews published during the week The Irv- ing National Bank of New York says that the outlook for renewed busi ness activity is brighter than forI some time and the First National bank of Boston and the Merchants National bank of that city are sul,- stantially in agreement with this view.
 careful survey of the dry goods and grocery trades made by tho Journal of Commerce, reveals min imum stocks, complete liquidat tio a, bare shelves. easier credits, an under supply with advancing prices for canned goods, and "evidence every-I | where of promising fall trade. {" while "the tone of public sentimentl IS optimistic with scarcely an exccp- tion."
 Correspondents Optimistic
 My correspondents on the Pacific coast are equally optimistic. From Seattle large increase in jobbing business is reported. The lumber trade Is improving on the demand from Japan, where six of the prin- cipal cities are to be rebuilt on American lines entailing a steady lumber order for 100, ,ooO, 900 feet dur ing the next three years" Aus tralia and New Zealand are cabljn Z that wool and wheat credits are being reestabllshed in London and that they will want lumber in large quantities soon, while there Ia an eager demand from everywhere for | the product of our canneries"
 Throughout the United States the railroad traffic is increasing. the number of idle cars is decreasing and net earnings are improving. Net revenue for June was $67,oo0, 900, l against deficit of S15,0000O last year. Congress has adjourned with out voting the roads the $500, 900. GOO Tor which they asked Opposition to the grant is increasing and it mayI not be made, for public sympathy with the carriers has been somewhat cooled by MT. McAdoo's analysis of the claims made for alleged ineffi- cfency of labor during goyernuenti control. It is possible that the roads VIII be able to get along without itl ana strengthened by the self denial they Will have to practice, for easyI money is rarely good for any one.
 Savings Banks
 | The savings banks in the state osI New York report gain of $24o, o0.000 in deposits for the year end- ing June 30, 1921. As only sa3- 100000 of this was interest some people must be making more thanI they spend.
 Congress has taken vacation un. til October l. The only importansI Dill that has passed both houses ..l the one empowering the war finarce | corporation to issue s15O0. 00O. .O0o nf! it's own bonds and to lend s1.oo0 0oo ! 900 for financing agricultural ex- ports. This will help though some are disposed to call it imitation. In 1 regard to the future as it may be af. fected by congressional action, the | Cleveland Plain Dealer expresses the general feeling in saying, "!fI national taxes are cut half a 0bill;on that will save us about s5 apiece which we can use to pay extra prices | for food because freight rates are so high"
 A high commi sson of the Ameri- can oil industry headed by Mr Teagle of the Standard and MT. Do. | hehy ol the Mexlcan Petroleum, has | gone to Mexico to confer with Pres ident Oregon. Conjecture is busy as to the purpose and result of the meeting but it is probably safe toi assume that it will develop a niu. tality of interest between Oregon and oil. Peace treaties with Austria and Germany have been signed dur ing the week. As each must be rat- flied by the United States Senate and the legislative branch of the assent. ing European government neither will become effective for some time. Foreign exchange has been steadierl reflecting, So it is stated, the con- stant though quiet absorption of South American and Canadian secur- ities by American investors. | Thes account current of the week news as above stated appears to hayei a handsome balance on the credit side and the only thing that appearsI to stand in the. way of national business revival Is the hang over'I from which Wall street is suffering as result of It's speculative de- baunch. in 1920. Fortunately theseI morning after headaches are never fatal and young nations like youngi l men, soon recover from them
 | NnAU 0E0yINurlr@