The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-03-26
Attitude of ''Watchful Waiting"
Prevails in Almost All Lines
Of Business
MERCHANTS AWAIT
STABLE PROCESS
Federal Reserve Agent Gives
Out Interesting Facts Touch
ing on Business in Various
Lines

| While reports from many sections
OF the district indicate that trade, both
wholesale and retail, continues fairly
active, the question OF prices is still
disturbing element. and the attitude
OF "watchful waiting prevails in al
most all lines OF business. No great
progress has been mada during tho
past few weeks towardsa return to
normal conditions. Wholesale and
retail merchants are not disposed to
make extensive purchases. and are
buying only to meet immediate re-
| quirements. Indications are that this
| condition will continue until mer-
chants are satisfied that prices have
become more stabilized.
Bank conditions throughout the
district are reported satisfactory. In
some instances deposits have increas-
ed, but in a large number Of cases de-
posits have slightly decreased, due
principally to large payments having
been made to states and counties and
to the United States government for
taxes. Demand for money shows an
increase. and collections are fairly
satisfactory, considering the fact that
much cotton is still in tho hands Of
the producers and large amount of
cotton paper is being carried. and re-
newed from time to time.
Excessive rains over the southeast
ern states during the past two weeks
have caused considerable damage to
the early vegetable crops. especially In
Florida, and all over the district this
has caused q delay In preparing
ground for spring planting.
Since last report the market on
Florida oranges and grapefruit has
continued strong at high prices. Early
bloom oranges are about all shipped
and there is only a limited amount of
the later varieties to go forward in
the next two or three weeks. The
supply of grapefruit to move during
the next two weeks is lighter than
was anticipated, owing to high prices
that have prevailed resulting in reg
ular shipments throughout the sea-
son. The market on celery continued
strong until about a week ago, at 81.
Since that time prices have taken a
sudden drop to from So to $3.50. The
Florida cabbage market has strength.
ened and advanced. and at the pres
ent time satisfactory and profitable
prices are ruling.
1t is estimated that the potato crop
IS damaged to the extent OF from 25
to so per cent by the recent rains. The
prospects for an excellent tomato
crop were good until the rains set in,
damaging it to an extent estimated at
so to 60 per cent.
Cotton is still being held In large
quantities. and the movement to hold
off the market as much as possible OF
the cotton still in the hands Of the
producers has gained strength during
the past few weeks. The acreage
planted to cotton the coming season
will be appreciably less than last year.
Continued effort is being made to
nave the embargo on shipments OF
cotton to the central European powers
lifted. as the certain foreign demand
would without doubt cause the price
II the staple to rise to satisfactory
igure. II this were done. trade in all
ines in the district would be greatly
The production OF lumber Is still
limited on account of weather and la
'or conditions. present output being
not I'm excess of rs per cent
+ normal. Shipments are practically
DUAL to present output. and stocks
re, therefore. not increasing. 1t will
require sixty days to accu-
nulate a fair assortment OF lumber
{ southern pine mills. The retailers
eport large sales, due to increased
emand caused by building operations
nd repair work.
During the past month a substan-
ian increase is shown in the erection
new buildings at many points
throughout the district. While build
lg materials are high. a scarcity Of
ONES is felt. and many houses are
ow in process Of erection. Should
waterfalls decline. a great increase In
activities would follow.
Naval stores operations have not
ct become active. and from indica-
ons it will not be over Is to 20 per
ent in excess Of las: years output.
hich means from 25 to 30 per cent
Glow normal production.
Quite a number Of small coal mines
ave shut down on account OF the
ck of orders and due also to the
Igh cost Of labor. The output for
ebruary. 1919. although two large
'al producing companies failed to re-
'rt, shows total tons miped. 1.150sel.
yainst 1.430,225 tons mined I'm IAN