The Birmingham age-herald., 1922-08-21
MARKETS BETTER
 AS STRIKE PEACE
 SEEMS PROBABLE
Partial Settlement of Coal Walkout Brings Improve ment in Business-Steel
 Hurt by Strike
By Associated Press

New York. August 2e.--while the past week. has brought iittie real news of a constructive nature. hopes for a speedy settlement of existing labor controversies have mounte higher and the country's leading markets have shown an undertone of quiet strength.
 Failure of France and England 10 come to an agreement on the Ger n an reparation question and the cor- sequent break up of the London con- ference had an adverse effect here. Some anxiety was also occasIoned by delay in announcing an agreement for settling the coal strike, which had been expected hourly In the closing days of last week. Fear that othe;' railroad brotherhoods might join the shopmen's strike added another cause for alarm.
 Favorable Influence Seen
 Several favorable influences soon turned sentiment into more optimistic channels, however. Among them ware the news from Cleveland that basis had been reached for a soft coal strike settlement and the calling of a meeting at Philadelphia to settle the anthracite difficulty and agroe- ment of the railroad executives to meet the leaders of the "big four brotherhoods in an effort to find n solution for the shopmen's problem. More hopeful news from abroad and favorable cotton consumption re- n u cft ,t,f ~Ff
 Although about l5 per cent of the soft coal producing capacity of the country was represented at the Cleveland conference and signed the agreement for re-opening the mines. other operators. 1t is believed. will be slow to fall into line. Present high prices and the evident determi- nation of the administration to do what 1t can to avert a coal famine will act as spur to production. These same influences will also tend to bring speedy agreement at Philadelphia. Coal production for the week ending August 12, meanwhile approximated the 5,000.000 mark, and union mines which are already re- opening will add 100000 or more tons to present operating capacity. Thir Is far below normal output, stocks are low. and coal rationing will be necessary for some time to come.
 Tension Relieved
 Tension in the steel industry has been relieved to a certain extent by partial resumption of coal mining. Nevertheless the pace became slow, CT during the week, and difficulty in, securing coal supplies will have a |cripphng effect all during the year. 1t Is thought. From high point Of 80 per cent early in the summer the Steel Corporations rate of operations has dropped to around so per cent of capacity. Independent companies are running at only about 50 per cent of capacity. Prices meanwhile are ad- vaEcing. The latest report on revenue freight loadtngS show another slight decrease.
 Coal ioadinss, however increased substantially, thus reflecting the Estrenious efforts beoing made by the the coal shortage. Large gains in miscellaneous and merchandise load -inGs, as compared with a year ago. indicate that general trade is show Ing considerably more activity Had ccal loadings been up to normal total loadinRs would have exceeded be | good margin those of any week since the autumn of 1921. when an unusually heavy grain movement taxed the capacity of the roads.
 Commodity Markets Influenced
 Commodity markets were influ- enced greatly by the course of events on the other side of the water. Res- simism over the failure of the allies to agree on the reparation program. accompanied by weakness in foreign exchanges. had an adverse effect on both cotton. and wheat early in the week. This. coupled with the usual mid harvest ease) forced the price
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