Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-30

the leading equipment corporations, the
article went on TO say, places these COM
panies in position to handle a rec
ord breaking business without strain.
Last annual reports Of four equip
ment companies. namely American Car
and Foundry Co., Railway Steel Spring
Co., American Locomotive Co. and
Baldwin Locomotive, showed combined
inventories of less than $40 900 900,
against sos 800, 900 January 81, 1910.
American Car and Foundry's inven-
to $4,000, 900, Railway Steel Spring
from $5 300 900 to So, 800, 600 American
Locomotive from S21, 500 900 to
1900, 900 and Baldwin Locomotive
from S25 800, 900 to S13, SOC, 900.
Is American Car and Foundry had
nearly S4S, 900, 900 cash and investment
securities, American Locomotive $780,
600 900, Baldwin S13, 900, 900 and Rail.
way Steel Spring S8,70O, 900.
''No branch Of the industry can
show such drastic shrinkage in inven-
tories, and small stocks of raw material
and other products entering into manu-
facture of cars and locomotives INDICATE
equipment companies will be able to
build up inventories when needed on a
low cost basis"
Steel Buying Shrinking
With respect to the steel industry
In the past week, the Iron Age stated
that reductions in automobile prices
had brought about further shrinkage
directions the market was showing
weakness.
Accompanying the cut made by the
Ford Motor Co.." writes at journal,
''is q determined effort to force down
the price Of automobile steel. The De-
troit company Is expected shortly to
buy steel on large scale for 1921 and
already some makers of automobile
parts have been urged to make a down
ward revision of existing contracts
1t Is observed that the period in
which mills can make deliveries has
been shortened in some cases, pointing
to a more rapid adjustment Of supply
and demand than was thought likely
two months ago. At the same time
shipment of mill accumulations has
gone on at such rate that many manu-
featuring consumers are pretty well
stocked up. The tendency Of pig
iron prices is stated to be toward lower
levels.
More Patience Needed
The National City Bank, in its Sep
tember review, has the following to say
relative to increased freight rates and
prices:
AT this time, when the industries
and exchanges of the whole world are
out of balance, and there is great need
for patience and co cooperation among
all classes, ill-feeling Is constantly
stimulated by hasty and uniformed
comment. People write and talk
loosely, often without knowledge of the
facts they discuss and still more often
without intelligent comprehension of the
economic laws which are involved. The
natural economic law is always working
to restore normal conditions, but time
is required for its operations, and mean
while the impatient people are wanting
to adopt arbitrary and punitive meas
ures, which usually have all sorts of re-
suits not anticipated and which inter-
fere with the natural processes of re-
covery."
Support for Cattle Raisers
The October number of the Digest of
Trade Conditions. issued by the Frank
lin National Bank, in discussing farm
production says:
Prices paid to producers for the
principal crops on September / were
per cent less than year ago, just
the same rs two years ago and 81 per
cent higher than the ten year average.
Prices paid to the producers of meat
animals on August u were 22 per cent
less than year ago, 15 per cent less
than two years ago and only 81 per cent
above the ten-year average. just now
the farmer is being compelled to sell his
meat on the hoof at such low prices that
| he is reducing his herds prices re-
ceived for meat animals at the farm
gate will not reimburse the farmer for
the feeding, leaving him nothing for in =
terest on his investment.
1T is to be hoped that this condition
will right itself before the number of
! live animals on farms has been allowed
to decrease materially. Every encour-
agement should be given the farmer at
this time to increase his herds, looking
toward a full supply Of meat at reason :
able prices in the future. .N-The Trader.