Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-27
Less Car Loadings In
dicatiOn of Seasonal
Slow-up
Off in Demand for Cars
suggests Normal Trend
Soft Coal Production Holds
Steel is Steady-Auto Out
put High-Whcat Price I'm
certain-Light Foreign Buy
ing

New York, Nov. 2S-(By A. P.)--
Signs have not been wanting during
the past week that usual November
siackenins in industrial activity is
under way. Railway car loadings for
the week ended November II, showed
a further falling off in traffic. al
though the total number of cars
loaded, $4,000, is still very large and
exceeds the movement in the cores
ponding weeks of 1921 and 1920.
Election day and Armistice Day
may have played a part in slowing
down the movement, but there are
other developments, such as a slight
falling off in the demand for cars,
which suggest the normal tendency.
one result of the somewhat bet
ter car situation has been further
gains in soft coal production, which
now is well established at a rate
apprsciably above 100000 tons a
week. Further progress has been
made in rcconstituting stocks of fuel
and coal operators have made reports
o. no demand from most of the states
west Of the Mississippi. Barring
spells of extremely severe weather
1t is considered that the danger Of
q fuel famine is past.
Steel productions continues to hold
up remarkably well. The country's
mills are working at rate not far
short of so per cent of capacity and
the trade reports that sufficient Or
ders are booked to ensure the main
tenance of approximately this scale
of activity into the first quarter of
the new year.
Pig iron prices, along with those
of coal. are still tending lower. but
this is merely a natural sequel to the
abnormal scarcity situation produced
by the strikes. Prices of finished
steel show little change. This is due
largely to the fact that buyers have
satisfied their immediate needs and
now show a disposition to watch
developments in the industry. Their
feeling apparently is that prices may
60 lower. Demand naturally is light
in the meantime.
Automobile output also is high.
Some 200 passenger cars were
turned out in October. This is about
$4,000 less than Augustus high rec
ord. but represents a recovery of So
600 cars from the September slow
down and is an unusually large fig
ure for this season of the year. In
addition, the automobile makers are
stated to be well booked up ahead
and continue to be liberal buyers of
steel.
In cotton, a government report of
November IA places the total to that
date at $4,000 bales, which was
generally interpreted by the trade as
Indicating that the crop will turn out
to be in the neighborhood of 10000
600 bales. Probably, as a result of
this conclusion, the market was
forced to absorb a large volume of
liquidation which originated in spec
ulative quarters and the principal
futures fell below IS cents. Before
the week closed, however, trade buy
ing again appeared and prices rallied
materially.
Wheat, after early E-rlness, gave
way moderately. partly in response
to apprehensions lest an easing in
the car situation may have unfavor-
able delaying marketing and that
more cars are likely to mean more
grain at the central markets with
corresponding declines in prices.
Foreign buying, meanwhile, con-
tinues light and it's future is, in view
Of the fluctuations in the foreign eX-
changes uncertain, nevertheless, pre-
sent prices are materially above the
early fall ands corn at around 70
cents bushel is approximately so
per cent above the price Of a year
ago.
Banking reports confirm those
from industrial sources and point to
the conclusion that the peak Of sea-
sonal demand has been passed. Re-
discounts with the Federal Reserve
Banks fell rather sharply and the
reserve ratio of the system as a whole
rose from 1872 per cent to 1871 per
cent. Security prices continued re-
dictionary, but there was a tendency
in most quarters to regard this as
part Of the aftermath of an overdone
.l.-A 60,