The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1921-01-26
MONEY AND MARKETS.

There more confident feeling throughout country and
developments since the first Of the year support improved se
ment The gradual liquidation in many directions has materially
essend the bank and the general credit position
is mproyng However the importance of export demand the
marketing many American products makes mesDe ta
ent unstable financial conditions throughout large part OF the
world will be reflected in the United States for some time 10 COME
in addition reimbursement from wartime prlce levels TO those OIL
more normal character has progressive and has affected diff
ferent commodities in While it has been practically com
peed in some lines further of readusments much nc
sary occur others before business be properly reageu 10
new conditions and bearing the entire situation he
effect of successive should neither be an occ
sion Of general pessmm should undue optimism be engendered
by unrelated improvement special localities OF lines OF business
The leading index numbers that the price decline
timed during the period from B January 10 An
animation of the wholesale prices of raw materials quoted IN N
merce Monthly that of the wenz quotations four have
remained practically unchanged since December To- fifteen nave
declined and have risen slightly
Unemployment widespread As indication OF this returns
to the State Industrial Commission of New York show decreases
employment every branch of manufacturing with the exception
of three minor industries The number of workers employed IN fac
tories the December eight per cent less than during
the preceding month"; volume of employment being the lowest Tor
any December since 1914 In the nine months from March TO Dce
her approximately twenty per cent OF the factory employees IN ~
state Of New York had a o Wage reductions of from ten
to twenty-five per reported from nearly every section OF the
country.
Stocks of wool hides lumber and other raw materials
which are larg as by demand continue to dominate the
cotton and wool possible that there will be considerable de-
crease in cotton the South where large portion OF the
1920 crop still in the hands of the growers Total gmnlngs Tor
the wear were 1859 running bales compared with 1o0o2o
running bales in 1919.
Btumnou production for the 1920 estimated by the
Geological Survey 556l6O0O tons compared with oo
1863 900 net tons tons in 1918 Petroleum
production during November 30900O0 barrels compared
with 80 1000 barrels the revised figure for October
In Europe and elsewhere business conditions continue to be I'M
satisfactory exchange rates against South America Aus
traa Eastern countries combination with local credit
difficulties have resulted commercial failures in these coun
tries materials which European mauac
will require order normal operations must come
from South and the Far East there expectation OF
reasonably rapid satisfactory conditions in those coun
tries
While railroad gross earnings set record for the year.
higher operating and heavy maintenance Ouas have absorbed
unprecedented proportion of The application OF the
higher granted by the Interstate Commerce Commission in Sep
TENDER followed by falling off tonnage that even gross
failed expectations during the last quarter OF the
year. The deadlock beetwen the roads and the Government in
final settlement under the Of the Gov
together with the sharp falling off in traffic IS
the posponemen of orders for rails and equipment 1t is
probably that operating ratios will be lowered somewhat the eff
feet Of prices for commodities especially fuel COAL becomes
apparent