The Birmingham age-herald., 1922-11-13
STEEL PRODUCTION GREATLY IMPROVED 0ctober's Production Largest in Past Two Years-CoaI
 Situation Better
By Associated Press

New York, November i3.-Con- tinuation of the persistent improve ment in industrial conditions Is indi- cated by financial indices which be- came available during the past week. Loadings of railroad cars show further gains, both in coal and gen eral merchandise. The total loadings for the week ended October 28, amounted to 1,o14,0o0 cars, which Is only 4,00o cars less than loadings in the week ended october Is, 1920, when the high record was set. It is clear, furthermore. that an, even larger volume of traffic might be moved if facilities were available.
 Soft coal production has been esti- mated at approximately 10.700,000 tons a week, and the whole fuel sit uation Is growing easier. Stocks are returning to normal positions. Some observers now state that the danger of coal crisis during the winter is past. In any event, the cessation of the movement of coal to the north- west under priority showed further ease.
 Meanwhile, better coal and trans portation situations have been of dis tinct help to the steel industry. Oc- tober's production of both pig iron and steel exceeded that in any month in the last two years and the coun- try's steel plants are working more than 75 per cent of capacity. Despite the heavy rate of output and ship ments the Steel Corporations un- filled orders increased more than 200, 900 tons and the total stands at $500, GOO as compared with 4,140,000 at the end of last February.
 f,,-.-- t.,.. =<xf .,rf- dences of active fall trade are found
 in the money market and bank re- ports. Bill holdings of the federal re- serve system are growing and the rate on bankers acceptances shows a tendency toward additional firm ness. Similar indications are appar- ent in England and there, as here, commodity prices promise to go higher rather than lower. It remains abundantly clear, however, that am- pie credit resources remain in this country and that any sharp rise in the price of money is unlikely.
 As far as agricultural products are concerned the feature of the past week, has been a further strong rise
 in cotton. Despite heavy profit taking, which had no serious effect until near the end of the week, the December future rose to 26.S0 cents which is over cents above the Oc- tober price. Incidentally, the census bureaus ginning report shows that S.140.000 bales were ginned prior to November 1, out of a crop estimated variously at between 9,500,000 and 10. 900 bales. That the high prices which have prevailed for this com modity mean better business oondi- tions in the south is obvious.
 Wheat prices have dropped some what from their late high, but have retained the greater part of their re- cent gains. It would appear that these gains were caused largely by foreign buying, which now has been suspended on account of the foreign exchange situation.
 Pronounced weakness in German marks and the currencies of the con tinental allies has been, in fact, one of the major features of the week S financial situation. While autumn purchasing and a speculation have played a part most quarters consid- cred that the unsatisfactory status of the German reparations problem has been the leading factor in the foreign exchange demoralization.