Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-09
SIGN SMUTLIPLY
(Continued from Pace One)

1890, when the greatest movement IN
the countrys history was under way.
Bituminous coal production con
tinued to hold close to the 10.oo0.o0O
tons a week level 1t would be
greater if coal cars We're more plcn-
tiful Nevert heleSs, the amount be-
ing mined seems to be reasonably
adequate for the present rate of m
dus;rial activity, since the steel in
dVstry reports that coal shortage is
nc longer limiting factor and
since the price of soft coal has shown
a tendency to recede slightly during
the past week.
In the steel trade. the loss in blast
furnace capa city occasioned by the
August fuel shortage has been made
good. Pig iron prices. as we'll as
those of coal. are easier: the supply
Of iron evidently is meeting the de-
mand. Where this industry now
feels the pinch is in the supply OF
freight cars suitable to the delivery
Of its finished products. Inability 10
secure such cars is causing some re-
striction in rolling mill operations.
This slowing down is not, however,
Iarge. The grain trade, too, is meet
ing with some difficulty in moving its
products both from the farms and to
the seahoard. Cargocs of grain are
reported to be accommodating at
eastern lake ports. Prices for grain
continue. however to hold at the bet
ter levels attained during the re-
cent war scare although crop pros
pectS are not materially changed
Cotton prices also have advanced
wen, partly in response TO recent
bullish government crop reports ana
partly because of trade buying which
seems to have been delayed pending
a clearing un of the Turkish crisis.
1t is clear that the anticipated car
shortage has arrived AS corrolarN,
it may be stated that industry at
present is going ahead about as rap
IDLY as the country's transportation
facilities viii permit. Fortunately.
this permission, as witness the car
loading figures, is fairly liberal.
Financial circles are now interested
to see whether the Improvement in
the amount of freight moved Will
continue.
Money rates remain slightly higher.
The increase SO far amounts 10 about
Quarter of one per cent and is con-
sidered to reflect fairly well the IN
crease in loans and in the volume Of
commercial paper and bankers ac-
certances outstanding which has aC-
companied the preparations for fall
trade. The reserve ratio of the COM
bined federal reserve system has now
fallen three per cent below its high
mark reached in August, but is still
some eight per cent above the level
of a year ago. No sharp increase in
rates is expected during the rest of
the year.
Banking circles now stress the need
for a Sterilization of the European
situation, as may be seen from the
speeches delivered at last weeks con-
yention of the American Bankers
Association 1t is pointed out that
definite and workable plan to cover
HE status of both the PREPARATION and
inter Allied debt problems is essen
tlal to the return of active prosperity.
AS long as these matters remain in
their present unsettled and unsatis-
factory condition, international trade
Is expected to remain more or less de-
pressed and European buying of
American farm products is expected
to be restricted.