The Birmingham age-herald., 1922-10-01
By HARDEN coI.rAx

| WdSHiHB tOIip oepleIuDeF oV---Alucr"
 ican commerce and industry arc
 rounding into the home stretch of the year with a seasonal spurt l whose speed is checked only by the 1 limits of transportation facilities. | Demand exceeds production in sew
 eraI important commodities; prices are stiffening: dollars which have | lain idle in bank vaults are find
 Ing work; labor is no longer fer ,, menting with discomfort, and once
 more expansion of mills and fao- 1 tories is the order of the day. l Such are the headlines of the week. l ly resume of business conditions
 throughout the country as gathered
 here by government departments and
 national trade organizations. They
 are interpreted as indicating that the l period of depression Is almost wholly l past and that after the faltering of
 the past two years, business Is well
 on the way to tho making of . new high record.
 One factor alone appears in pros 1 pect as deterrent-the transpor-
 tation system-but the railways of 1 the country, almost to q unit are endeavoring to correct that situation
 with the utmost dispatch. Ninety
 per cent of the normal force of shop
 men are back at work. and the drive to repair bad order equipment. in- full swing.
 In addition. the carriers have re- gently placed enormous orders for
 new cars and locomotives, and the 1 makers of this kind of equipment, In 1 some instances. are working over
 time to meet demand.
 1 During the first seven months of l the current year, according to the
 American Railway association, or | ders for new freight cars totaled l 95199. as compared with 69,436 dur
 ing the entire year of 1921. Nor,
 orders are in prospect for the re-
 mainder of the year; enough. 1t Is
 estimated. to double the figures of 1 1921.
 | Ficnty or CoNt
 | Notwithstanding local car short 1 ages, the geological survey reports
 that soft coal is coming to the sur
 face in sufficient quantities to meet
 the demands of industry in full and
 to furnish a margin for filling bins | against the winter.
 | The coal market has eased per
 ceptibly much to the discomfort of
 the spectators who now find them
 selves facing the prospect of sus-
 taining millions In losses where they l had expected to make heavy gains 1 The weekly statement of the fed l eral reserve board indicates meas | urable lessening of funds available l for loans. The supply still contin- ues ample for all needs, with some to spare, but there Is no longer the 1 plethora of last summer Within the | year the chief national banks of the 1 country, according to the board, have
 deflated loans to the extent of s6O5,- i GOO. 900 and have invested more than 1 s1,ooo, ,00o,0o0 in the bonds and other offerings of the United States gov. ernment.
 i During the same period these banks have increased the amount of l their demand deposits by s122s. .ooo,- l 900 and their time deposits by S6S0,- l 100000, a combined total that ap- 1 breaches s2,0o0, 900 900. Never in the history of American banking were 1 they in so strong a position as they l are today.
 The railroads of the country will | fall to earn this year the 5% per cent l fixed by the interstate commerce 1 commission, but according to all in- | will | There is no longer talk of further reducing rates and for the first time l since 1917 the carriers count condf-
 tions as fairly stabilized.
 Seasonal reductions are reported In | the volume of transactions in auto motive industries, but manufacturers | expected this and are planning a record business for 1923
 Stores Busy
 Retail stores. especially the chain | stores and mall order houses report an Increase Tn business. although one | of the biggest mail order houses in | the country experienced last month slight falling off in the money
 volume of transactions. Notwith- standing this. more goods, measured by quantity, were disposed of than during any corresponding period for several years.
 Iron, steel, lead, copper zinc. pe- troleum, leather. chemical. machin- cry and wool prices have acquired added firmness and iE several notable instances have advanced. The steel industry Is regarded as saving be- come fairly stabilized as to prices with demand outrunning production at the present time. The volume of foreign trade, especially imports re- mains at gratifying level, accord ing to the department of commerce Building apparently Is slowing l down slightly. The shrinkage in vol tune is. attributed to seasonal dimu- hilton of activity and to shortage