The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1914-07-03

There are other factors which must
be taken into consideration.
The production OF pig iron for May
totaIed 2093 thousand tons compared
with 227O thousand tons in April and
2S22 thousand for May a year go.
The steel works furnaces materially
reduced their output, which accounted
for the decline OF about thousand
tons per day compared with the pre-
VIous month and brought the output
down to about the December showing.
The untitled tonnage of the steel cor
poration at the close of May was only
3,99S thousand tons compared with s.,
S24 thousand tons a year ago. orders
received during May amounted to only
about IS thousand tons per day and
shipments were made at the rate of
nearly 80 thousand tons per day
The production of gold in the
Transvaal for May was 720 thousand
fine ounces compared with 6S4 in
April of this year and 794 in May a
year ago. The decline in gold. pro-
duction has been accompanied by a
corresponding decline in average COM
modify prices which are lower toda V
than they have been since July. 1911
The earnings of all railroads for
April showed a decrease of more than
3 per cent, while operating expenses
were decreased more than 4 per cent,
leaving a loss in net for the month of
only l per cent compared with April
Of last year The decrease in operat-
ing expenses was largely accounted
for, however, by the unusual and ire
mendous expenses occasioned last
year through floods in the central
states. Partial reports for May show
a decline in gross earnings as com
pared with the previous May of about
6 per cent. The decline in gross is
shown by nearly every principal road
and is general throughout the coun-
try.
The number OF idle cars has con-
tinued to increase and the total num-
Der idle on June first was 242,572.
This compared with $4,000 idle on
January first and 215000 idle on jan
larry 18th. while a year ago only 81,
900 cars were idle. The present idle
statement includes 80, 900 box cars and
$4,000 coal cars. Suspension Of oper-
atoms in considerable bituminous
coal field explains the lack of business
in that line. The coming grain crops
will rapidly put the box ears into ser
vice and then we can look for a con-
siderably better report on railroad
gross earnings, while the net showing
will depend upon the freight rate rul-
ings which, even if favorable, are
Gaming too late to be of any material
benefit to business generally. If 1t is
to take the Interstate Commerce Com
mission several months to decide each
some new system must be devised or
the patient may die while the doctors
consult.
The average price Of a selected list
OF bonds fs exactly the same as on
January first and a fraction higher
than a year ago The average of a Sc =
lected list of stocks. taken as an in
deX, is more than two points above
the quotations of a year ago, al
though below the prices Of January
first.
Building operations in eighty prin-
cipal cities for May tOtaled 20 million
dollars, being exactly the same as
the figures of a year ago. This is the
first month of 1914 in which building
operations have equaled those of 1913.
the total for these eighty cities for the
first five months of the wear being
800 millions compared with 325 mil
lions for the same period last year
We have not had the usual number
OF crop scares this sea son but the cot
ton crop in the southwest is in very
poor condition and the crop will be
small this year, following a small crop