The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-08-07
UNDERGONE OF
THE MARKETS
STILL LIVELY
Despite Strikes and Foreign
Complications Prices Still Re-
main Cheerful.
ATTENTION FOCUSED
ON COAL PRODUCTION
Steel Industry Seems to Be Chief
Sufferer-CrOp Prospects Lit
tie Changed.

NEW YORK, Aug. 6-While the
strikes have exerted an increasing eff
feet on industrial activity during the
past week and while foreign develop
ments have been somewhat unsettled
the undertone in the country's chief
markets has remained cheerful. Secur-
ity prices have held up well and the
view still prvails that the strikes will
be settled before the business revival
has been seriously crippled.
With the railroads refusing the presi
dents proposal for restoration of full
ancial quarters are now focusing their
attention on coal production figures
and railroad traffic statistics.
Freight Movement Good
Taking the fastest available figures
those for the weekend July %. the
movement Of freight, exclusive of COAL
remains rather good. Total loadings of
$4,000 cars showed a Slight improve
ment over the previous week and were
within 10000 cars of the high record
for the year Exclusive Of coal the
loadings were the highest in history
for this season of the year.
Coal production appears to be recov-
ering but slowly from the low level
of three weeks ago.
Continuing the slight gain previously
recorded, the past week started with a
further betterment. Although the COM
plete figures for the week are not yet
available it would appear doubtful,
whether the output has risen very ma
terially above the 100000 level. Much
depends therefore upon the measures
being now taken to reduce congestion
on the coal carrying roads.
Coal Stock Diminishing
So far the steel industry seems to be
the chief sufferer on account of the
strikes. Not long ago both the steel
corporation and the Independents were
operating at approximately rs per
cent of capacity. During the past week
the rate for the former fell to 70 per
cent and that for the latter to sixty
per cent The loss has not been as
rapid as the trade anticipated but it
is believed that conditions will become
worse before they become better. The |
stocks of coal are being drawn down |
rapidly and here as in certain other
it is thought that many |
more weeks cannot elapse before a
severe curtailment is necessary.
Grain Prizes Drag
Crop prospects show little change.
The governments cotton crop estimate |
as of July 25, which was made public |!
Tuesday showed an increase in antici- |
pated yield of $4,000 bales, the crop |
being placed at II, 100000 bales. Never
theless, the trade had expected the es-
innate to be some 100000 bales larger |
than actually turned out to be the case.
A sharp rally in prices occurred but
nte gains were lost before the week l
closed. Grain prices continued to drag /
and traders expect tomorrow's gov
eminent estimate to record a slight in
crease in the yield of wheat.
Money rates remain at recent low
evels with no sign Of Immediate
tightening, and the reservation of the
combined federal reserve system has
cached a new high of 1913 per cent.
This is due party to importations of
British gold which may have ceased
or the time being. but it is clear that
he underlying credit situation remains