The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-27
USUAL AUTUMN
STACKING IS
NOW APPARENT
Further Decline in
Traffic Noted, but
c ar Loadings
Still Heavy.
(By Associated Press)

NEW YORK, Nov. c6.-Signs have not
been wanting during the last week
AS usual, November slackening in in
dustrial activity is under way. Railway
car loadings for the week ended Novem-
Der IL showed q further falling off in
loaded. $4,000, is still very large and
exceeds the movement in the correspond
ing weeks of 1921 and 1920.
Election day and armistice day NAV
nave played a part in slowing down the
movement. but there are other develop
ments, such as slight falling off in the
demand for cars, which suggests the
normal tendency.
One result Of the somewhat better car
situation has been further gains in soft
coal production, which now is we'll estab-
lished at rate appreciably above II,
100000 tons week. Further progress
has been made in reconstituting stocks
Of fuel and coal operators have made re-
ports OF no demand from most of the
states west Of the Mississippi Barring
spells OF extremely severe weather. 1t IS
considered that the danger of fuel fam
inc is past. SheeI production continues
to hold up remarkably well. The coun-
try's mills are working at rate not far
short Of eighty per cent Of capacity and
the trade reports sufficient orders are
booked to insure the maintenance OF ap-
proximately 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 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 supplied their i'm
mediate needs and now show a disposi-
tio,1 to watch developments in the in
dustry. Their feeling apparently Is that!
prices may go lower. Demand naturally
Is slight in the meantime.
Auto Output High.
Automobile output also Is high. Some
217.G0O passenger cars were turned out
in October. This Is about 80, 600 less than
August's high record, but represents a |
recovery of 10000 cars from the Septem
Der slow down and is an unusually large
figure for this season Of the year. In
addition the automobile makers are stat
ed to be we'll booked UP ahead and con-
tinue to be liberal buyers of steel.
In cotton, a government report Of No
vember IA places the total to that date
at 8,ST0 900 bales, which was generally
interpreted by the trade as indicating
that the crop will turn out to be in the
neighborhood of 100000 bales. Prob |
ably as g. result Of this conclusion, the
market was forced to absorb large |
volume OF liquidation which originated
in speculative quarters and the principal
features fell below % cents. Before the |
week closed, however, trade buying again |
appeared and prices rallied materially.
Wheat, after early firmness, gave way
moderately, partly in response to appre- |
tensions lest an easing in the car situa- |
ton may have an unfavorable effect on
prices It is realized that inability to |
move grain has been delaying marketing
and that more cars are likely to mean
more grain at the central markets with
CORRESPONDING declines in prices. |
Foreign buying meanwhile continues
light and the future IS, In view Of the
in the foreign exchanges,
uncertain Nevertheless, present prices
are still materially above those of the
early fail and corn, at around 20 cents
a busheI. is approximately fifty per cent
above the price of year ago.
Banking reports confirm those from
industrial sources and point to the con-
cIusior that the pax Of the seasonal
demand has been passed Red1scounts
with tho Federal Reserve banks fell
ather sharply and the reserve ratio OF
the system as n whole rose from 70.2 per
cent to 76.7 per cent. Security prices
continued reactionary but there was
tendency in most quarters to regard this
as a part Of the aftermath OF an over
done sneculation for the rise.