The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-11-20
CONTINUATION
OF INDUSTRIAL
BOOM INDICATED
Satisfactory Progress in
Fall Trade Shown
By the Weeks
Business.
By Associated Press)

| NEW YORK, Nov. Determination
of a high rate of Industrial activity and
satisfactory progress of fall trade are
| indicated by the business Of the past
week Steel production, if anything. i'm
proved and is now stated to be between
| rs and so percent of the countrys ca
| pacity Cotton consumption returns
show that textile mills used 534,O bales
in October, this figure being SO, 900 larg-
er than for September and setting a new
high record for any month since June
1920. Soft coal production has continued
at a rate of about 100000 n week or
! at about the best attained since the end
of the strike.
Perhaps the first sign of a seasonal
slackening which must be expected Is
| furnished in the statistics of car load
ings. Total loadings for the week ended
November 4 amounted to $4,000 cars,
which is some 10000 cars below the total
for the week before, which was the
largest of the year.
Such a decline is quite the natural
thing, the peak of the traffic movement
generally being reached in October and
having come this year, in fact, slightly
later than is usually the case.
"heat Up ~ SenrS
Prices of farm products meanwhile
have shown a considerable degree Of
firmness. December wheat rallied to
slightly above s1.2O. which represented
gain Of over 90 cents from the recent
low. A strong recovery in the foreign
exchange market after pronounced
weakness early in the week probably
was a factor, as were reports OF largo
German needs for the commodity. At
the same time. offerings of wheat have
been light and sentiment in the trade
has become distinctly more bullish. Corn
also moved into high ground of the year.
The December future getting above u
cents as compared with a prics Of 81
cents in August. This improvement.
even more than that in wheat, empha-
sizes the gain which has been achieved
in the formers income.
Cotton Aids South
In cotton, the market has continued
to fluctuate in the neighborhoOd OF 70
and 26 cents despite heavy profit-taking.
Opinion continues to differ as to the
ultimate size of the crop. but something
nearer II, 1000, 900 than 100000 bales was
talked Of during the past week. In any
event, il is clear that the crop is proving
a much greater financial success than
the south anticipated and that business
prospects in that district are cores !
pondingly improved.
A further decline in the reserve ratio !
Of the federal reserve system adds bank I,
ing confirmation to the evidence OF !
growing trade and conforms to the usual !
seasonal movement. The ratio of the !
system as a whole now stands at 75.2 !
percent, which is "a percent above that |
Of a year ago and which indicates an
ample reserve supply OF credit accom-
mediation The decline in the high point |
Of the wear amounts to only So percent |
No further increase occurred in the in
crease Of money and the rate on call
generally money on the New York stock |
exchange dropped at the end Of the
week to 3 1-2 percent, the lowest figure |
since September. With regard TO the
foreign situation the opinion was held
in financial quarters that political con-
ditfons were somewhat improved The
new government IN England has been
able to reach an agreement with France
regarding a Turkish policy, which is
considered a favorable sign. The repa-
ra+ions problem however, remains to be
adjusted and the opinion is held that a
seftIement will not he reached easily.
Some observers consider that unless this
situation is remedied. United States
trade may be adversely affected during
the coming year.