The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-09-11
EYES BUSINESS
WORLDFOCUSON
FALL REVIVAL
Soft Coal Production Reaches
Satisfactory Levels-Anthra-
cite Practically Settled.
STEEL INDUSTRY WAS
GREATEST SUFFERER
Railroad Traffic Movement Reas-
enable SatisfactOry-Cr
Prospects Unchanged.

NEW YORK, Sept. 1O.-With soft coal
production reaching satisfactory levels
and With the hard coal strike practically
setNl&a In business and financial circles
has centsred during the past week in
the extent OF industrial! recovery and
the prospects for fall business.
The steel industry perhaps the chief
suffers TOM the strikes, shows signs
.: Improvement. The fifty percent of
capacity level OF operations TO which
the industry was reduced by the strikes
has been battered slightly and urther
gain is expected. With a continued re-
striction Of fuel and car supplies. how
aver. the trade is moderate in its antici-
pations. A return to q sixty percent
basis this fall is considered more likely
than a full resovery to the rs percent
basis reached il the early summer. opin-
ions differ as to the probable duration Of
existing higher steel prices but most
observers consider six months an ade-
quAte allowance.
Reports en- the railroads traffic move
factory. The latest available returns.
those for the week ended august % SHOW
total loadinIs of 391 600 cars, figure
year by some $4,000 cars. Coal load
ings, the statistics which are obtainable
for later dates are good and indicate
movement Of this commodity at a rate
close to ten million tons n week. While
the added demand for equipment on ac
count OF the resumption of anthracite
mining will be partly met by use OF hith-
erto inactive rolling stock belonging to
II l., ~ N,HAs~ t. IA11
that it will also offer a test of the acute
mes of the much talked Of car shortage.
that the railroads are getting their shop
situation better in hand and that the
transportation difficulty will not be as
serious as recently was believed
Publication of September 1 values for
two of the principal induces of commodity
prices failed to disclose any upward ten
dency. One of the indices fell half of
one percent, while the other remained
practically stationary. Farm products,
such as grain and meal continued to
give grounds rather sharply and aside
from metals and fuel the other groups
moved but little. Partly for this season
less credence is given talk of an infia-
tionary boom during the fall. The be-
lief grows that the price advances Will
be confined TO COMMODITIES III "AlSh
temporary and abnormal situation OBJ
tains and that the comparatively low
power Of Europe and Amer
lean agricultural districts will be dam
per to any false boom. According to this
view a moderate but spotty improvement
in business is or the cards.
Crop prospects remain little changed.
The department OF agriculture has re-
vised it's corn crop estimate downwards
from 3.Ol7, 900, 900 OF 2.S75, 900. 900 bushels
principalIy as a result of the hot wea-
ther damage in the southwest. The re-
vision has been muchly anticipated by
the trade however, and the department
has placed the yield of wheat some 10
ooo. 900 bushels higher at S1S,o0oi0oO bush
els The latter figure compares with
an actually crop last year Of 7s5,OOO'OO0
bushels. The returns show that supplies
will be plentiful. European crops are
rAported to be short but while fair VOL
une OF European buying has been going
on :, has LceI insufficient TO sGffen
nricas in this country. 1t is pointed OUT
that tb.re Is on obvious difference be-
tween what Europe might Ike to buy
and wha: that continent will be aole
to pay for.
Tho reserve ratio OF the federal re-
serve system shows another moderate
decline blu. the loss IS attributed to hoIi-
day demands for currency. Elementary
conditions rcuain practically unchanged.