Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-10-09
BUSINESS SHOWS
RECOVERY; HIGH
RECORD IS MADE
ON CARS LOADED
Practically All Available
Signs Point to a Further
Improvement in the In
duStrial Situation
REVIVAL REPORTED IN
! THE STEEL INDUSTRY
Production Of Bituminous
Coal Continues to Hold
Close to the Ten Million
Tons a week level

New York, Oct. S.-With the
Turkish crisis apparently yielding
to the process of negotiation, finan-
cial and business sentiment showed
a distinct recovery during the past
week. A sharp rally in securities
prices undoubtedly was a factor in
The matter. but greater disposi-
ton existed to look at the favor
able aspects of the domestic situa-
!tion.
Practically all the available
signs point to a further improve
ment in the volume of industrial
production. Car loadings for the
week ended September 20. the
latest for which statistics are avail
able, total 97s.000 cars. new high
record for the year. almost exactly
100000 greater than that of the
corresponding week a year ago.
I3ituminous coal production con-
tinued to hold close to the 10000
900 tons a week level. 1t would be
greater il coal cars were more
plentiful. Nevertheless, the amount
being mined seems to be reasonably
adequate for the present rate of
industrial activity.
Prices Are Easier.
In the steel trade, the loss in
blast furnaces capacity occasioned
by the August fuel shortage has
been made good. Pig iron prices.
as well as those of coal, are easier,
the supply of iron evidently is
meeting the demand. Where the
industry now feels the pinch is in
the supply Of freight cars. The
grain trade. too. is meeting with
some difficulty in moving its prod
ucts both from the farms aud to
the seaboard. Prices for grain con-
tinue, however, to hold at the bet
ter level attained during the re-
cent war scare although crop
prospects are not materially
changed. Cotton prices also have
advanced well.
u is clear that the anticipated
car shortage has arrived, As
corollary, it may be stated that in
dustry at present is going ahead
about as rapidly as the countrys
transportation facilities will per-
init. Fortunately. this permission
--as witness the car loading figures
lis fairly liberal. Financial cir
cles are now interested to see
whether the Improvement in the
amount of freight moved will con-
tinue.
Money Rates Higher.
Money rates remain slightly
higher. The increase SO far
amounts to about a quarter of one
per cent and is considered to reflect
fairly well the increase in loans and
IN the volume of commercial paper
and bankers acceptances outsrand-
ing which has accompanied the
preparations for fall trade. The
reserve ratio of the combined fed
eral reserve system has now fallen
8 per cent below its high mark
reached in August but is still some
y per cent above the level of a year
ago. No sharp increase in rates Is
expected during the rest of the
year.
Banking circles now stress the
need for stabilization of the
European situation. As long as
these matters remain in their pres.
ent unsettled and unsatisfacto
condition, international trade Is
expected to remain more or less de-
pressed and European buying OF
American farm products is expect
ed to be restricted.