The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-23
DEVELOPMENTS
OF week Are
ENCOURAGING
Wholesale and Retail
Activity Shows Per-.
ceptible G aims
During Week.
CBy Associated p-ass,


NEW YORK Oct. 22.-DeveIopueuts OF
the past week in Industry and finance are
encouraging in many respects. Wholesale
and retail activity in particular Increased
perceptibly being partly stimulated. by
the cooler weather. Continued strength IN
prices for farm products however, over
shadoved for the, moment other inpor-
tant industrial factors.
Although cotton growers have sold the
staple heavily, excellent buying by the
foreign and domestic trade has given the
market the needed support. a tardv
awakening OF spinners to the fact that
real shortage Of the present active de-
mand. Cotton futures at % cents a
pound or better are selling at the highest
levels since the beginning Of drastic de-
flation in 1920 The effect in the south
already is apparent Prevailing grain
prices also contrasted sharply with the
recent low levels and with prices Of q
year ago. While fears OF war in the
Near East gave the market its first
impetus, continued strength since the
smoothing out Of the difficulties in that
situation indicate a healthy statistical
position. Reports of shortages abroad
have been an important factor in the
market of late. This has offset heavy
marketing Of grain which has gone on
apace in the face OF shortage OF rail
road cars. With wheat close TO $1.I5 a
around 81 a bushel. While he may not
realize any great profit at this figure
the fact that he is receiving nearly tEtce
as much for corn as a year ago and other
farm products have risen attests the i'm
provement of his position as compared
with a yearago.
Steel Sales Smaller
Now that fuel supplies are plentiful
and the transportation situation is no
longer menacing, sales OF finished steel
are smaller and the demand for promDt
delivery is less insistent. The ihaussry
has made up all the ground lost IN the
late summer and the trend IS toward
quieter conditions with prices working
lower. Operations are being carried on
at rate close 70 the high for the year
75 per cent Of capacity. Steel has piled
up at the mills on aaceountof lack OF
transportation, but the volume is small as
compared with the middle OF 1920 Coal
output meanwhile increased somewhat
during the past week Bitumtnous coal
is being mined at the rate OF ton mil
lions a week and anthracite production
continues st approximately 100000 tons.
While total output is perhaps less than
required for consumption and building up
OF stocks, danger Of suffering from a
possible shortage has passed. DECLINING
fuel prices indicate the easier situation.
LoadInss Fall OFF
Car loadings for the week ended oc-
tober 7, the latest date for which figures
are available. show falling off ~ com
pared with the previous week but are
largely in excess of last year and are
close TO the high record Of 1920. Although
a decrease in merchandise and miscel-
lancous loadings was largely responsible
forthe lower total this does not mean
slump in business. It indicates rather
inability of shippers TO obtain cars. Idle
equipment has now practically disappear
ed and Ioad adings for the current week are
eNpected to establish a high record.
While the federal reserve sTstemE
Continued on Page TwoD