The Birmingham age-herald., 1922-07-10
CONTINUATION OF
 PROSPERITY SEEN
 INWEEK'SREPORTS
Securities Market Still Said to Be Irregular, But Tendency Has Been Toward High
 or Prices
Rr An.nnInAn.I Prnan

Now York, July S.-Whilo tho noll- days have served to obscure the trend in business and finance during tho past week. the available evidence in dieates e continuation of the im- provement in general business.
 The securities markets have con- tinued irregular. but the tendency has been, on the whole, toward higher prices. Call money also has been a variable factor and tho reserve ratio of the combined federal reserve sys- tenn has fallen for the second consec- utive week. The normally heavy de- mand for currency in connection with the oarly July holidays has. however. caused the latest decline in ratio and the real tendency of money rates during the month remains to be dis closed.
 No falling off is discovered. mean while. by demand for steel. despite the fact that pig iron output for June sot now high record for the year, a daily average Of 7S,7oo tons comparing with 74.4o0 tons in May and 5s.100 tons In January. Loading of railroad cars also have risen to & new high record. Thus for the week ending June "A the total S7S,00O cars, or l7,000 more than in the previous week and 51,000 moro than in the week immediately proceeding the coal strike. although loadings of coal cars in that week ran 108.000 higher than In the one ending June 24.
 Commodity Prices Firm
 Other signs of increasing stability t<.r in the general level of commodity prices and a continuation of the fall ing off in the volume of business fall ures. Thus Dun's index of wholesale prices rose 2.2 per cent during June. with all seven groups of constituent commodities purchasing in the ad- vance. Commercial failures as re- ported by the same agency declined to 1.74o. which is 22O less than in any month of the year. Liabilities in- volyed fell off in similar measure. These facts illustrated apparently the growing safety of doing business and explain the increase in confidence which lately has been apparent.
 Although existing strikes continue to supply an element of uncertainty, most quarters consider that the events of the week have justified optimistic views as to the effect of the railway walkout.
 Textile Strike
 The New England textile strike is dragging on but the suspension of coal mining is still regarded ns the most important of the country's in- dustriai disputes. It Is too early to estimate the probable success of the negotiations now going on at Wash ington to end tho strike, but nothing has transpired so far which Is inter preted as being prejudicial to set clement.
 Crop news Is little changed. Wheat prices, after a tentative rally, soft ened under the influence of fair weather reports. Cotton. on the other hand, rallied sharply on the govern ments crop estimate. which placed the condition as of June 25 at 71.2 and the probable condition at slightly more than 1f,00o.000 bales. Such a crop will be approximately 1,000.0 1000 bales short of last years taking and will be added. Furthermore, to a sub normal carryover. With the possible damage by the weevils still to be de- veloped. the trade expects to remain firm. Mondays sharp rally called forth profit taking, but most of the