The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1918-06-06
Business and The Outlook.

Mr.. Jay, governor of the Fed
eral Reserve Bank of New York,
notes that a wave of economy is
sweeping over the country, and
department stores and retailers
report good business in medium
priced furniture, kitchen ware,
cotton piece goods, ready-made
garments, hosiery and knit un-
derwear, gloves, millinery, hand
kerchiefs, notions, ribbons, food
and tobacco, but a decrease
in the more expensive articles
and in luxuries. Bank clearings
last week were a little less than
the week before, and a little more
than a year ago, but as prices
have advanced there may have
been a decrease in the amount of
goods disposed of. Large pur-
chases by the Government and
payment for Liberty Bonds may
have swelled the clearings.
But leading jobbing house in
the Northwest reports an increase
in the distribution of wholesale
dry goods for the week over last
year. Road sales for future de-
livery as well as local sales are
ahead of those for the same peri
cd last year. Collections are very
satisfactory, showing a consider
able increse over those of the
same week a year ago." To this
indication of good business con-
ditions may be added the state
ment of Dun's Review that the
May insolvency returns disclose
the smallest number of CONNER
cial reverses for the month in
fully a decade. i"
The number of shares sold on
the New York Stock Exchange
last month was greater than in
any month since the end Of 1916.
and the par value of bonds sold
was greater than that in any
month for a longer period. Last
week there was a good deal of
irregularity; some displays of
strength and some occasions of
depression occurred. There were
average declines for the week.
Railway earnings in'April show
ed a considerable improvement.
Call loans in New York ranged
between Al and 6 per cent. Pay
ment of the 20 per cent. INSTALL
ment on the Third Liberty Loan
was without effect on the senti-
ment of the market or the rates
of interest. Railway gross earn
ings for the third week of May,
reported by Is companies, indi-
cate an increase of SGT per cent.
over last year.
The crop outlook continues to
be most encouraging inthis coun-
try, and it is favorable in the
countries of our allies.
1t is calculated in Pittsburgh
toat the inc reased freight hates
to 90 into effect on the 25th will
add $1.25 a ton to the cost of
making pig iron, and So ton to
finished rolled steel. Nearly all
the steel output is now taken by
the Government, and steel rolled
for private customers is stacked
in Pittsburgh because Govern
ment orders have priority of
shipment. Nearly all the fur
naces east of Chicago are in blast
Mills making shell steel, as the
majority are, have generally
abandoned the practice of selling
discards, either as such, or rolled
into merchantable forms. All
the mills are buying much more
scrap direct than they did before
prices were set. Demands on
the pipe mills are very heavy,
and a large tonnage of line pipe
is being produced.
Speculation in cotton futures
has not been active, but prices
have advanced. At the end of
the week, however, the market
was weak and unsettled, and
July deliveries broke 81 points