Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-04
Coming of Cold Wealth
er and Hold avs
Brings out Buyers
Seasonal Showdown On, But In
dustrial Activity Holding
Up Remarkably Well-Car
Lcadings Close to High
Record Of Year-Satisfac-
ton over October Rail State
ment

! New York Dec. 3.-(By A. P.)-In-
! dices of industrial and trade activity
continued satisfactory during the past
/ week. If a tendency toward Il slight
slowing down in production has been
apparent, this is regarded as a natural
development at this season and is com
| peEsated for by the improvement in
retail trade which comes with cold
/ weather and the holidays.
! As matter Of fact. Industrial activi-
ty is holding up remarkably well. Car
| loadngS for The week ended Novcm
Der IS totalled $4,000 cars, which is
close to the high record for the year
and we'll above anything previously
accomplished at this season. 1t is
probable that the acute car shortage
which developed during October has
/ had the effect of throwing part of the
| traffic movement over into November,
! but the evidence of a gradual improve
ment in transportation conditions is
/ strengthened by a decrease in the eX-
cess demand for freight cars, as report
cd by the American Railway Associa-
ton. Taking everything into consider
| alton it would appear that the fall
movement of traffic has been the lars-
| est and best sustained in the country's
history.
/ Steel production also continues to
maintain a better rate than had been
| expected. Various authorities place
/ output at close to so per cent. Of ca
1 ,,;t iaJ, hot a I'M
| ton has taken place from the years
best rate. Pig iron prices are still
| showing a tendency to work lower in
company with those of coal, and the
prices of finished steel products, which
| have been remarkably steady for
number of weeks. arc being shaded
! slightly. The nub of the situation
seems to be that while the L. S. Steel
Corporation and some Of the indepen-
dents have accumulated good back
/ log of work, other independents arc
not so favorably situated. No large
reductions in steel prices are expect 4
however.
! One of the developments which caus-
| ed satisfaction in financial circles was
| the publication of a large proportion
of the October railroad earning state
ments. Bearing in mind the serious
| after-effects of the strike the carriers
efforts to put their equipment in shape
| for maximum service during OCTOBER
and the disappointing character or the
| September returns. which gave only
| 90 per cent. of valuation. most opsefN-
| ers had anticipated poor earnings IN
October. At first glance. the actuai
reports might be taken as indicating
| that expectations were fulhlied. as the
comparisons with october year ago
disclosed a general falling off in net.
. October 1921 was. however. an unusu-
! allN good month, ga per cent. OF Valua-
! ton being earned. Meanwhile the COM
! harrison with September is encouraging.
Thus 81 class I roads earned net OF
! S71 100000 in October as compared
with $4,000, 900 in the previous month.
AS heavy traffic movement contihueo
I III November, it is apparent that the
carriers purchasing power is likely 10
be considerably better than recently
had been supposed.
! Possibly the better railroad state
mcnts had their effect on stock prices.
In any event, the latter rallied Vlgor-
ouslv during the week. active short
covering being in evidence over the
| entire list Monetary conditions con-
tinue comfortable and there is NIUE
expectation Of any considerable as
turbances in the money market during
! the rest of the year.
! The commodity markets have lapsed
back into a relatively stagnant conui-
ton. Cotton continues to be bought
by trade interests when it falls to the
o,-cent level and to be sold when II
moves up close to 26. and the market IS
awaiting the government ginning re-
port which will be made public next
Friday.
| Wheat prices rallied after the reac-
ton of a week ago. strength beng most
marked in December contracts on
which the first deliveries have oeeh
light. Export demand and the car sit
uation are still considered the domi-
mating factors in this COMMONLY