The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-07-24
Signs Not Wanting That The
Two Strikes Have Begun To
Slow Up Industrial Activity
Appreciable Result of Walkout
Shown in the Loading of
Cars.

~--=-s
NEW YORK, July 23.-Signs were
not wanting in the country's markets
during the past week that the coal
and railroad strikes have begun to i'm
pose an appreciable check on the rates
of industrial activity. Oddly enough it
is the shopmen's strike, which has been
considered relatively unimportant as
an immediate disturbing factor, that
has caused further important loss
In coal production.
Serious Congestion
Serious congestion on the roads con-
veying coal from the non-union fields
in West Virginia and Kentucky to the
steel works in the iPttsburg and Ohio
districts has cut the total amount of
coal mined in the country from ap-
proximately 5,250,O00 tons week be-
fore the July holidays to only about
100000 tons. The opinion is held,
furthermore that with a car shortage
such factor, any major gains in min
ing in accordance with the presidents
invitation will be difficult as long as
the railroad strike persists. What may
be accepted, according to the view
held in some quarters, is a certain
gain in output in Pennsylvania and
Ohio which would ease the strain on
the more southerly mines and perhaps
permit the diversion of some of their
coal to coast points.
Steel Industry
In the steel industry, it is estimated
that ingot production has been re-
duced by about per cent, which puts
the industry on something like a 70
per cent of capacity basis. Good judges
consider, however, that the loss may
reach ten per cent, by the end of the
month unless the situation changes
radically. Ohio plants have suffered
worse than those around Pittsburg,
number of blast furnaces
have been banked in the former state |
Buying of steel products for future
delivery. meanwhile has been falling
off, consumers being discouraged by |
the uncertainties regarding costs and |
market conditions, those who have |
steel products in the process of manu-
facture are, on the other, making Wig
orous efforts to expedite deliveries.
Effects of WaIl<out
Car loading statistics also reveal the |
effect of the walkout. Thus the total
Tulv 8. amounted to $4,000 cars as
with $4,000 cars in the
week. The decline is partly
accounted for by holiday, but the total
oaded Is $4,000 cars less than in the
week which included the May 80 hoh-
lay. A part of the general slackening
# activity might be explained on the
oasis of the midsummer season; 1t Is
mite clear, however, that the strikes
re becoming serious factors In bust
less affairs.
Quiet Markets /
The markets for agriculture products
continue to be quiet affairs, Influenced |
w day-to-day changes in the weather
eports. With the price of wheat below
me dollar a bushel at primary points,
arners are moving their grain SLOW
W hut this restriction of supply is
hiding an offset in meagre export
business. Crop prospects remain I'M
hanged with cotton traders still wait
ng to see what damage the WeeVll VIII
,e able to accomplish.
Securities Firm
Renewed ease in money meanWhlie
as been keeping the security markets
irm, bond prices FeIilCIA1e 'AAo | j..
unnlv of idle funds with a, rather
Iqorous advance. -Four per cent has
ow been established as the ruling
ate on the best grades of commercial
pper. a considerable volume OF time
,oney has been lent at "a per cent
nd bankers acceptances eligible for
.discount at the federal reserve bank
ave touched a new low in relaxing,
ven though temporarily to a 7-S and
per cent basis. Such further shgnt
asing was, perhaps, to be anticipated
uring the middle of the summer. Win \
,e revival having as yet made no !,
onreciable new demands on the banks
owever, and with the strikes restrict =
% business and Great Britain ship :,
ng gold in this direction, most OBJ y
rivers do not consider and Tightening
the money market to be imminent. ~