The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-08-08
IMPROVEMENT
IN BUSINESS
SEEN BY CLEWS

New York Aug. Tina, business in
general already feels IN" impr"N ement
in trade prospects, and - preparing ~
take advantage OF II ~ indicated in
many ways. The upward movement In
the price Of bonds although slight. is
significant Bond prices are usually first
in any upward market 10 improve. pre-
CedInS STOCKS n tarlr recovery. AS
for the activity OF trade the index OF
bank deposits complied weekly by the
Federal Reserve board shows steady
upward movement. Money is clearly
moving toward permanently lower lev
els, even though these lower levels may
not be continuously maintained As Is
we'll known, railroad traffic movements
as well rs earnings, are beginning "a
show Improvement. ami mis- has he
come more pronounced within recent
weeks. Retail trade, as evidenced nv
the returns of department stores, has
been unexpectedly we'll sustained and
Is IN better volume in most ports Of 'ho
country than was true at this time a
year ago. In particular lines OF trade
tho indications arc encouraging. Tbs
continues TO be true n textiles. man
ufactures OF leather. and nearly all
lines which. pro6:.s articles ready for
some decided advances have been an
nounced during the past week.
The crop Situation
Financially speaking the crop outlook
is proving satisfactory. Even the un-
favorable cotton prosp"". announced by
the government on Monday last. Is help
full 70 those who are already overloaded
with cotton carried over from last year
as is the case Of many IN the cotton
growing regions. Yield IN most branch,
es OF agriculture gives every promise oil
being good and the money return vii
be correspondingly favorable. Thor
ough arrangements for financing nc
no RRSpr .
banks n the eastern and northern dis
, tricts are carrying necessary lines Of
paper Tor ;hc western ana southern 90
serve institutions. Al this tim" last
mediation furnished occasion for some
anxiety because " the t"wncss OF tho
reserve alto but this year ratios have
grown and are likely to increase sail
further. largely regardless OF the vol
ume OF current interhank RCcommoda-
ton. This means that. within reason.
there is an unlimited suppl! az Cr0r-
moving accommodation with Ntil" or n"
protraG Iiity that individual commercial
banks VIII have 20 bra: AIRY serious
strain.
Market Hev1ew and Outlook
Bonds ere IN good demand. As has
been the raS" for two weeks or more,
railroad stocks continue to be most IN
favor. FOR the reason that their posi-
ton IS believed TO be sou1dcr than that
OF the industriais. Moreover as often
before NOTED. the supply OF railroad
shares Is always limited. owing to tn
fact that there has been no great -
crease in capital issues for a long time
whereas many Of the industrais are
as yet comparatively new and have not
been fully absorbed and digested. Still
as 10 the future OF the industrtals, the
general public. always so slow 20 rec
ogniEe coming changes IN business con-
ditinnS. Is only gradually beginning 10
realize that bad news has been well
discounted and that values are at or
near bottom and that future trends
must necessarily be higher. 1t can be
only a short time before renewed &C
tiyity OF industry will be reflected in
an Increased Yield on the part Of stocks
ard a corresponding demand for them.
Purchases therefore. made on moderate
reaction. due TO profit taking sales.
ought not to be attended with much
risk.