Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-08-21
BUSINESS SHOWS
QUIET STRENGTH
SURVEY REVEALS
Sentiment Has Been Turned
Into More Optimistic
Channels, Despite the La
Dor Controversies.
tBy The Associated Press.)

New York, Aug. 20 (by the AS
ISOLATED Press. while the past
week has brought little real news
of a constructive nature, hopes for
a speedy settlement of existing la
Dor controversies have mounted
higher and the country's leading
markets have shown an undertone
of quiet strength.
Failure of France and England
to come to an agreement on the
German reparation question and
the consequent break up OF the
London conference had an adverse
effect here. Delay in announcing
an agreement for settling the coal
strike and fear that other railroad
brotherhoods might join the shop
mems strike added another cause
for alarm.
Several favorable influences
soon turned sentiment into more
optimistic channels, however
Among them were the news from
Cleveland that a basis had peen
reached for soft coal strike set
Element, calling of a meeting at
Philadelphia to settle the anthra-
cite difficulty and agreement OF
the railroad executives to meet the
leaders of the big Four broth
erhoods in an effort to find So
luton for the shipments problem,
More hopeful news from ABROAD
and a favorable cotton consump-
ton report also had stimulat-
ing effect.
Spur to Production.
Present high prices and eVldeht
determination Of the admlnlstrd-
tion to do what it can to avert a
coal famine will act as a spur 10
production. Coal production TOT
the week ending August IL, mean
while approached the five million
mark and union mines which are
already reopening will add a MIL
lion tons or more to present oper-
ating capacity. This is far below
normal output, stocks are low, ana
coal rationing will be necessary
for some time to come.
Tension Relieved
Tension in the steel industry
has been relieved to certain eA,
tent by partial resumption OF Goa
mining, particularly in the CON
nellsville district. Nevertheless
the pace became slower during
the week, and difficulty in secur-
ing coal supplies will have a GRIP.
Ming effect for the remainder OF
the year, it is thought. Prices
meanwhile are advancing.
The latest report on revenue
freight loadings shows another
slight decrease. Large gains IN
miscellaneous and merchandise
loadings compared with a year
ago indicate that general trade Is
showing considerable more actiV-
ity. Had coal loadings been up
TO normal for the season total
loadings would have exceeded by
a good margin those of any week
since the autumn OF 1871 Wheh
an unusually heavy grain move
ment taxed the capacity OIL the
roads.
Commodity Markets
Commodity markets were influ-
enced greatly by the course or
events on the other side or the
water. Pessimism over the fall-
ure of the allies to agree on the
program, accompanied
by weakness in foreign exchange,
had an adverse effect on both cot
TON and wheat early in the week.
This. coupled with the usual mid
harvest ease, forced the price of
wheat beneath the dollar mark.
some recovery was had later on
export buying attracted by the
decline. Cotton made progress
during the week.
Money was easier, the ruling
rate for call funds in this market
getting down to 3 per cent against
an average of 319 per cent the
week before. Capital offerings,
showed a further de-
cline. totaling $15,000,00O as
against $2O,00O,000 the preceding
week. Absence of new issues in
volume and a plentitude of money
strength to the bond
mark cts