Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-11
FINANCIAL STATEMENTS
CONTINUE SATISFACTORY
Railroad Traffic Holds at Ex-
traordinary High Level Con.
sidering Season.
TAR LoADrNGs SHOW INCREASE
GnIn Of 2S2,O0O over Previous Week.
No Cessation IL Looked For In
steel industry-IIiSh Nntc of Out.
put.
NY Associated pross1

NEW YORK. Dec. lO.-Reports con-
corning the fundamental conditions
underlying the financial markets con-
'lnu"d To be satisfactory last week.
ha!ir"ad traffic is holding ut an cx-
,raordinary high level consIderin.,
the season Car lond'ngs during tnc
week ended November % to.diLI
$4,000 cars. which represents an ~.
crease o! $4,000 over the corrcspold-
ing week year ago. ANA $4,000 over
the same week In 1920.
Although III" w""k's movement WIS
some 1900 cars smaller than in the
preceding sevcn-day period, this de-
cline is more than accounted for av
IN" loss OF traffic resulting from ces
iation OF navigation on the Great
Lakes I,Oading5 of merchandise and
miscellaneous freight were. In fact
greater
See No Steel Cc>sntion.
No cessation Is apparent. mean
"hiic. IN the steel industry's high
rate OF output, operations still APP
nroXima;ing s per cent OF war ca :
banded capacity. Pig iron prices have
declined further. bit trade reports
s'a'c that both buyers and sellers are
now feeling for the bottom OF this
market.
Steel prices. for the present. re-
main firm. and consumers are show
ing some disposition TO carry rca-
sonhble stocks. feeling that anotht r
coal strike next year Is not beyond
the bounds OF possibility. Although
the total amount OF coal produced
was cut into by the recent holiday,
IT appears that tho bituminous out
PUT is continuing at n daily rate cor
responding 10 100000 tons n week.
Final figures on earnings Of class
roads during October show the
total net for the month amounted u
SJ.0D0.0hn. which, while some 500. .
c"C.0o0 below the total in the col .
responding month a FEAR ago. when
earnings were unusually good. Is
still. s27.oo0.0Oo better than the show.
ire In September.
FREIGHT Movement Heavy.
With the freight IN ,vrmcn, con-
timing heavy during Novnmbcr. tho
T"ads should be able 10 make fair
showing In that month. although II
normally furnishes "A smaller proper
ton of the years return than Oc-
iob"r Buying OK euiipntn, by the
carriers continues good, anl II liz
considered that the number OF
freight cars ordered this year may
reach l70.0C0. which was the total
for 1915. and Is the largest figure
represented for any year since 1912.
- .'"'''Is'pli - itpul per cent III
IN" ratio 20: reserve OF the combined
] -deral reserve system briaus mat
iisurc down 10 743 per cent, This
IL slightly lower than any lsiirc +, :
corded ;h!s ..nr. but t. atill high
enough TO demonstrate am;l. sup
riics OF commercial credit Til. de-
cline In ratio is largely reflection
OF further Increase I'm rcd!scounts
which. In turn. measures tho sus-
'ained industrial movement and tue
preparations FOR the holiday trace.
Money rates rerrnin steady and no
material disturbance = expected 70
attend the large government trans
actions centcring around the tax
date.
With the Census Bureau reporting
ginn:ngs TO December at e,3iS.n00
bales. the cotton trade is more than
ever Inclined To view that the CO.
Will amount TO slightly less thu
100000 600 bales. instead OF the 5000,
600 bales which were discussed :,
!ow weeks ago.
Cotton Prices RnIIy.
with this change OF attitude AMI
with reports OF cessation % activity
In foreign textile ccnters. the price ..
the staple fell back close TO "a cents
At this level. however. the -marke,
APPEARED well liquida;cd and prices
rallied before tn. ,ad OF III. wcck to
airroximately % cents.
The grain markets have been
rathe- quiet, pa!'.iv because OF an
uncertainty regarding; foreign d..
velopmcn,s. but prices nave been
firm.
Much interest is displayed in the
meeting OF the allie1 Prcmiers now
feing held in London as I, is real
lied that the need fnr clearing III
~ the German repaI:f' .OnS and inter
allied debt problem is pressing. Re.
strained optimism prevails on tn.
basis OF better relations between the
French and British soNcrnmnnts