The Birmingham age-herald., 1922-12-18
$ E [ 1 INDUSTRY. MAINTAINS GOO ]. R A I [ IF ACTIVITY.
Soft Coal Production Holding Up We'll, Reports From Nation lndicate-HoIi-
 day Buying Strong
By Assocrnted Press

NEW YORK, Dec. 17.+Although the more spectacular developments in last weeks financial market took place among the foreign exchanges, reports on industrial and trade conditions continuel to be satisfactory. In the steel indutry the years best rate of activity Is being maintained and con sumers are covering their require ments for the first quarter of the year. Pig iron prices are steadier and good buying from manufacturers of radiators and sanitary ware Is taken to indicate a continuation of building operations on large scale.
 Soft coal production Is holding up well and the easing of the strain on the railroads as result of the normal seasonal tendency Is reflected by another fall in the total excess demand for freidght cars, according to the American Railway association this figure stood at 134,5o0 cars on November 30, as compared with I74,- 900 on November 8. Loadings of freight meanwhile continue to read far ahead of the best performance of this season in any other year.
 Trade Reports Good
 Trade reports, too, add their word of encouragement. Holiday buying Is strong and is interpreted as in- dicating increased public purchasing power. Such condition Is. of course, consistent with the full employment of workers which Is now In exidence in most sections of the country. A distinctly cheerful tone is apparent in business circles, although 1t Is realized that there is still reason for exercising prudence and self-control.
 Commodity prices are firm. Cotton has rallied back close to the high prices of the year. although the department of agricultures final crop estimate places the total as 9.964,000 bales. which is nearly one million bales more than was talked of when prices were at their previous peak. Meanwhile it Is stated that three quarters of the crop has been sold by the producers and since good prices have been received and the cost of production was low the posi- tion in the south has been very greatly improved.
 New Levels Renched
 In grain the weeks rally carried wheat and corn prices to new high mark for the year December wheat touching s125 and the same delivery of corn reaching 76ls cents. Part of this rise was due to talk of in- creased credit facilities for farmers ana exporters ana part as result Oi the inherent strength of the situa- tion and expectations of reduced acreage and low condition in the weeks government report on the new crop. In any event. the farmer is profiting by the rise in prices.
 Despite the expansion of industrial and trade activity, money rates re- main relatively low and banking re- serves still stand at high point. The easy condition of the money market and the smooth working of the coun- try's banking system--are testified to by the absence of any disturbance on the tax date. when the govern ment turned over approximately one billion dollars in connection with it's redemptions and tax collections.
 Bonds are displaying a slightly stronger tone and money is expected to be plentiful over the year end.
 RumOrs Plentiful
 The week was unusually productive of interesting but unreliable rumors in Wall Street. A sharp rise in sterling which amounted to over ten cents in two days drew forth story of large British loan in this coun- try, which was quite without foun- dation Actually, sterlings strength seems to have been due to a special non government demand for that currency which came at a time when supplies were scanty. Similarly re-