The Birmingham age-herald., 1922-11-06
ALL IND|CES OF
 BUS|NESSPO|NT
 TOWARD REVIVAL Railroads Equalling Previous Record Performances in Car loadings-SteeI Pro-
 duCtion Maintained
By Associated Press

New York. November 5.---Prac- tically all indlces of business activ- ity, point to a continuation during the past week of the tendency to- ward revival Car loadings for the week ended october 21. totaled 1,004.- 900 cars. which means that for all practical purposes. the railroads are equalling the previous record per formance, which took place in 1920. when the high record of 1,019,000 cars was made.
 In addition, it is pointed out. that the latest loading returns show an unprecedented movement of mer- chandise. Coal shipments have con- tributed to recent sains. and a pro- duetion of 10000 tons of bituminous coal a week is being maintained. Nevertheless. the gain in other kinds of freight has beaten all records
 Steel production Is being main- tained, although the buying which followed the strikes had disappeared. Coke and pig iron prices are drop ping. and consumers of steel are waiting to see where the prices of finished products will come to some thing like an equilibrium. Output probably exceeds TO per cent of ca pacity, and consumption. on account of railroad and construction enter prises, shows no signs of falling off.
 Auto Production Good
 Automobile production remains good, October's total exceeding Sep tember's by approximately 20 per cent. Reports from the textile dis tricts also are favorable, and the mills finding that recent advances have not adversely effected de- mand. Mail order houses, which are dependent largely on farm purchas- ing power, show encouraging gains during October, as compared with a year ago, the two chief companies reporting increases of about 15 and 35 per cent, respectively.
 Farmers purchasing power should be measurably increased. Recent were indicated. December wheat last approximately 20 per cent above the recent low, and the same delivery of cotton finally mounted to above 25 cents. The latter price Is the best since the great break of 1920, and is well over twice the low price of last year
 Above Pre-War Level Similarly Dun's index of breadstuff prices, which stood 20 per cent above the 1913 average September 1, had risen to 35 per cent above Novem- Der 1. Largely as a result of in- creases in farm products. Dun's in dex of the total value rose 3.0s per cent during October, this being the largest gain since the decline in prices terminated in 1921. The in- dex now stand 51 per cent above the pre-war, as compared with last years s low of 32Nper cent.
 In response tos more active trade, money meanwhile, continues firm. The rise from the years low levels, has been, however. moderate and the present charge for accommodation is not high.
 Further demands for credit this year will be met unreservedly. The reserve ratio of the Federal Reserve system. while some per cent below the high of the year, is still close to the level prevailing during the past spring, and summer, and that vast discount resources remain avail the recent discount in securities value, the opinion prevails that an open speculative movement lay at the bottom. It was considered sig nificant that the disturbance coin cided with a condition which carried the new Az per cent treasury bonds, to a temporary discount of one per cent. Financial predicted the latter movement as reflecting transitory disturbance.