The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-12-04
Business and Industry Are
Continuing UplUard Trend
Car Loadings Total 100000, Which Is Well Above
Anything Previously Accomplished
At This Season.
CBy Associated Pressl


NEW YORK, Dec 3-Indices of in
dustrial and trade activity continued sat
lsfactory during the past week If a
tendency toward a slight slowing doWn
III production has been apparent, this is
regarded as a natural DEVELOPMENT at
this season and is compensated for by
the Improvement in retail trade which
comes with cold weather and the holiday.
AS matter of fact, industrial activity
IS holding up remarkably well. Car load
lngS for the week ended Nov. l totaled
$4,000 cars, which is close to the high
record for year and well above anything
previously accomplished at this season.
1t IS probable the acute car shortage
which developed during October has had
the effect Of throwing part of the traffic
movement over into November. but evil
dence of a gradual improvement in trans
portation conditions is strengthened by
a decrease in the demand for freight
cars, as reported by the American Rail
way Association. Taking everything into
consideration, 1t would appear the fall
movement of traffic has been the largest
sustained in this country's history.
Steel Production Large.
Steel production also continues to
maintain better rate than had been eX-
pected. Various authorities place output
at close to eighty per cent of capacity,
which means that no diminution has TAX
en- place in the years best rate. Pig iron
prices are still showing a tendency to
work lower in company with those Of fall
and the prices Of finished steel products
which have been remarkably steady for a
number of weeks, are being shaded slight
ly. The nub Of the situation seems to
be that while the United States Steel
Corporation and some Of the independents
have accumulated a good back log or
work, the independents are not so fav-
orably situated No large reductions in
steel prices are expected, however.
Road Earnings Encouraging.
One of the developments which caused
satisfaction in financial circles was the
publication of a large proportion of the
October railroad earnings statements.
Bearing in mind the serious after-effect
| of the strike, the carriers efforts to put
| their euuipment in shape for maximum
service during October and the disap-
| pointing character OF the September re-
| turns which gave only 2.9 per cent OF
valuation. most observers had antlcipat-
| ed poor earnings in October. At first
| glance. the actual reports might be taken
! as Indicating that expectations were full
filled as the comparisons with October
! a year ago disclosed a general falling OH
! in net earnings. October. 1921, was,
however an unusually good month, b. 4
per cent OF valuation being earned. Mean
I ie.
encouraging. Thus 81 class one roads
earned net Of 81. 900 900 in October as
compared with 100000 in the previous
month. AS a heavy traffic movement
continued in November. it Is apparent
that the carriers purchasing power Is
likely to be considerably greater than
had been supposed.
Stock Prices Rally.
Possibly the better railroad statements
had their effect on stock prices. In any
event. the latter rallied vigorously dur
ing the week active short covering be-
ing in evidence over the entire list. None
tarv conditions continue comfortable and
there is little expectation Of any con-
siderable disturbances in the money mar
1,a+ during the rest of the year.
The commodity markets have lapsed
bacI, into a relatively stagnant condl-
tion. Cotton continues to be bought by
trsde interests when 1t falls to the 20
cent level and to be sold 1t moves UP
close TO 26 and the market Is awaiting
the government ginning report whlch
VIII be made public next Friday
Wheat prices rallied after the reaction
NJ the week ago, strength being most
marked in December contracts, on whlcn
the deliveries have been light EXport
GaToand and the car situation are stu
considered the dominating factor IN th's
commodity.