Albuquerque morning journal., 1922-10-23
FARM PRODUCTS
PRICES STRONG;
INCREASE. SHOWN
IN COAL OUTPUT
Developments of the Past
Week in Industry and
Finance are Encouraging
in Many Respects,
COOLER WEATHER HAS
STIMULATED BUSINESS
Transportation Situation Is
No Longer MenaCingi Car
LoadingS Decreased for
Week of October 7,

New York, Oct 22.--Develop-
ments of the past week in industry
and finance are encouraging in
many respects. Wholesale and re-
tail activity in particular increas-
ed perceptibly, being partly slim
ulated by the cool weather. Con-
tinued strength in prices for farm
products, however, over shadowed
for the moment, other important
industrial factors.
Although cotton growers have
sold the staple heavily, excellent
buying by the foreign and domestic
trade has given the market the
needed support. Cotton futures at
23 cents a pound or better are
selling at the highest levels since
the beginning of drastic detlation
in 1920.
Prevailing Grain Prices
Prevailing grain prices also con-
trast sharply with the recent low
levels and with prices of a year
ago. Continued strength since the
smoothing out of difficulties in the
Near East indicate healthy sta
tistical position. Reports of short
ages abroad have been important
factors in the market recently.
This has offset heavy marketing
of grain, which has gone on apace
in the face of q shortage OF rail-
road cars.
With wheat close to S1.16 a
bushel at Chicago, the farmer Is
getting around a dollar a bushei.
While he may not realize
any great profit at this figure, the
fact that he is receiving nearly
twice as much for corn as year
ago, and that other farm products
have risen, attests improvement OIL
his position as compared with a
year ago. -,
Now that fuel supplies are plenti-
full and the transportation SITUATION
is no longer menacing, sales OF
finished steel are smaller and the
demand for prompt delivery Is less
insistent, The industry has re-
gained all the ground lost in tfe
late summer and the trend Is to-
ward ouieter conditions with prices
working lower.
Coal output increased somey hat
during the past week. While tota!
output is perhaps less than re-
uuired for consumption and build
ing up of stocks, danger of suffer
ing from o. possible shortage mas
passed. Declining fuel prices lndl-
cato the easier situation.
Car loadings for the week ending
October 7, the latest date foI
which figures are available, snow
a falling off compared with the
previous week, but are largely III
excess of last year and are close tC
the high record of 1920. Although
a decrease in merchandise and
miscellaneous loading was largely
responsible for the lower total. this
does not mean slump in business
II indicates rather inability OF
shippers to obtain cars.
Reserve Banks Statement.
While the federal reserve sys-
TENS statement indicates discount
ing by interior banks to obtain
funds for the movement OF crops
bankers report an increasing sup
ply og money coming in from the
interior to this market. It seems
therefore that no immediate tlght-
ening In the general money situa.
ton is in prospect. Commercia
paper rates show seasonal ten
dency to harden.
Although September trade re-
turns occasioned surprise in many
quarters which had been predict
ing a flood of imports to beat the
new tariff rates, it is pointed ou'
that much of this advanced i'm
portation came in August. AS II
was, imports for the month de.
creased $40,000.000 as compared
with the previous month. Exports
rose SIS. 900, 900 but they were still
some S2 nnn 900 below q year ago