The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-06
MERCHANDISE
MOVEMENT IS
UNPRECEDENTED
Car Loadings For Week
Ended October
21 Excelled
Million.
CBy Associated Press)

NEW YORK, Nov. 5.-Prac-
tically all the available indices
of business activity point to a
continuation, as during the past
week, of the tendency toward
revival. Car loadings for the
week ended October 81 totaled
100000 cars, which means
that for all practical purposes
the railroads now are equalling
the greatest performance in the
.country's history. This prev
ious performance took place
during the fall of 1921 when
the high record of 100000
cars was made.
In addition. it is pointed out in finan-
cial circles, that the latest loading re-
turns show an unprecedented movement
OF general merchandise. Coal shipments
have. 1t is true, contributed to recent
gains, and a production of 900 tons
Of bituminous a week, is being main
tanned. Nevertheless, the gain in the
movement of other kinds of freight has
been even greater and has beaten all rec
ords.
Still production is being we'll main
tanned, although the rush to buy which
followed the strikes has now disap
peared. Coke and pig iron prices are
dropping back to a more normal level
and consumers of steel are waiting to
see when the prices Of finished products
will come to something like an equilib
rum. Output probably exceeds 20 per-
cent of capacity and consumption, on ac-
count of railroad and construction enter
prise, shows no signs OF falling off
Auto Production Gains
Automobile production also remains re
markabIy good, October's total exceeding
September's by approximately twenty
percent. Reports from the textile dis
tricts also are favorable, the mills find
ing that recent advances in prices have
not had an adverse effect on demand.
Even the mail order houses, which are
dependent largely on farm purchasing
power, show encouraging signs during
October as compared with year ago,
the two chief companies reporting in
creases Of about IS and S5 percent re-
spectively
That farmers purchasing power should
be measuraoly increased is indicated by
recent gains in the prices of farm pro-
ducts. December wheat rose during the
past week to over S117 a bushel, which
is approximately 90 percent above the
recent low, and the same delivery OF
cotton finally mounted to above 25 cents
a pound. The latter price Is the best
since the great break of 1920 and is we'll
over twice of the low price Of last year
Similarly Duns index Of breadstutfs
prices, which stood at a point 20 percent
above the 1918 average September l, had
risen to So percent above November J.
largely as a result of increases in farm
products Dun's index of the total val
ue rose 3.S percent during October, this
being the largest gain since the decline
in prices terminated in 1921. The index
stands 81 percent above the pre-war as
with last years low Of 80
percent
Money Continues Firm
In response to more active trade, mon
ey meanwhile continues firm. The rise
from the low levels of the year has been,
however, moderate, and the present
charge for accommodation is not high :
II is clear that any further demands for
credit this year will be met readily. The
reserve ratio OF the Federal Reserve sys- !
tenn. while some four percent below the
nigh of the year. is still close to the lever
prevailing during the past spring and
Continued on Page Two)