The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-12-20
T orbes' Business and
Financial Analysis
(RY &. c. EoRRESl

10 ~ SSNSEoJ
| Merchants report very Satisfac tory
CHRISTMAS business.
Other business developments have
been plentiful at home.
Both wheat and corn last week
reached the highest prices Of the year.
Cotton came within a fraction of ;ts
previous maximum quotation, and
| the Official estimate Of the crop at
under 10000, 900 bales. the highest
with one exception in 20 years, may,
in view OF expanding consumption,
overs& ldow still higher prices.
Mail order and other concerns draw
ing their business largely from agri-
cultural sections record somewhat
freer buying.
A new high 1922 price for copper
may be regarded as significant.
Steel manufacturing is being car
ried on in volume greater than in
pre- war times. but prices are, if
anything, trife easier.
Flour. sugar and coffee All have
strengthened in price.
The rubber and tire people figure
Postal receipts have reached record
The building boom appears to pos
sess sustained vitality
The week brought q further rise in
the general price level. Advances
now ilabitualy outnumber declines. so
that the December index numbers eve
likely TO reveal another considerable
advance.
The war trend likewise Is inward,
with quite unusual absence Of sea
sonal unemployment.
Stock quotations have held their
own, and bonds, as a whole, have
gained fractionsny during the week,
a movement which may easily gain
momentum in view of the plethora of
surplus funds and credit-the nations
ratio of hank reserves rose last week
and the treasury reported a $4,000
000 increase in the country's total
stock of money for last month
Incidentally, the treasury effected
financial operations of colossal nsgni-
tube without causing the slightest
stir in the money market.
All domestic developments, how
Yer, were oyershadowed by the ex-
tra ordinary outburst of interest in
an irrational rumors. international
st&tem2. O. and internatio actiYi-
ties.
The British prime minister created
establishment ty declaring that Brit
ain could not pay her American debts
unless debts owed her by continental
European countries were paid, and by
predicting that disastrous events
ell. I-a
c:al and economic structure in Europe.
France intinated somewhat more
boldly than ever before that she as
pfred to invade and occupy Ger
many's industrial stronghold, the
Ruhr vallR. an intima ton that
drew obisctiors from both Britain and
the United States.
German financial and social condi-
tions were represented as verEng on
total collapse. and this time these Oft
repeated declarations appeared to ex-
cite more concern in government cir
cles on both sides Of the Atlantic
The greatest stir of all, however.
was caused by unmistaka BILE indica-
tions that President Harding, Secre-
tary Hughes, and the cabinet as a
whole are actively figuring upon drop
ping Americas do-nothing policy and
coming forward with some definite.
important proposal or plan designed
to arrest the present drift in Europe.
J. T. Morgans trip to Washington
for the sole purpose Of comforting, with
Secretary Hughes, couple withb the
summons TO Ambassador Harvey to
come to Washington at once, started
or fostered reports that America con-
templates supporting huge loan to
Germany. Indeed, these reports have
supplied the newspapers with their
biggest headlines Of the week.
In the highest financial circles, how
ever. these reports are discrsiite,l.
Nevertheless, the truth ~ and al
ways has been that banking interests
here have foreseen all along that the
time would come when Washington
would feel compelled, by the sheer
force of circumstances. 10 project it
self. in some way or other. into the
European mess. not so much in the