The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-08-23
Improvement in
Business Tone
Undercurrent of Quiet
Strength in Markets-Due
sta Laber Outlook

New York, Aug. 20.-While the
past week has brought little real
news Of a constructive nature.
hopes for q, speedy settlement of
existing labor controversies have
mounted higher. and the country's
leading markets have shown an nm
dertone. of quiet strength.
! Failure of France and England
to. come to an agreement on the
German question. had an adverse
effect here. Some anxiety was also
.oecasioned by delay in announcing
an agreement for settling the coal
strike. which had been expected
hourly in the closing days Of last
week. Fear that other railroad
brotherhoods might join the shop
men 's-strike added another cause
for alarm.
Several favorable influences soon
turned sentiment into more op-
timistic channels, however. Among
them was the news from Cleve-
land that a basis, had been reached
for. a. soft coal strike settlement,
calling of meeting at Philadel-
phia to settle the anthracite diff
Guilty and agreement Of the rail-
road executives to meet the leaders
of the ..Big Four" brotherhoods in
an effort to find a solution. for the
shopmen's problem. More hopeful
news from abroad and a. favora BILE
cotton consumption report also had
a stimulating effect.
Tension in the steel industry has
been relieved to a. certain extent
by partial resumption of coal min
ing, particularly in the Connells-
vile district. Nevertheless, the
pace became slower during the
week, and difficulty in securing coal
supplies Will have a crippling effect
for the remainder of the year, it is
thought. From a high point of so
per cent early in the summer the
Steel Corporations rate Of opera
tons has dropped, to around 60 per
cent of capacity. Independent com
spanies are running at only about
SO per cent of capacity Prices
meanwhile. are advancing.
Coal leadings Increased substan-
tally, thus, rejecting the siren
ueus efforts being made by the cac-
riers to overcome the effects of
the coal shortage. Large gains In
miscellaneous and merchandise
loadings a year ago indicate that
the general trade is showing con-
siderably more activity. Had coal
.:leadings been UP to normal for the
season total loadings would have
exceeded by a good. margin those
of any week since the autumn OF
1921 When an unusually heavy
grain movement taxed the capacity
of the roads. <
Commodity markets were inf1u-
enced greatly by the course of
events, on the other side Of the
water. Pessimism over the fall
ure of the allies to agree on the
reparations program, accompanied
by weakness in foreign exchange,
had an adverse effect on both cot
ton and wheat early in the week,
this coupled with the usual mid
harvest ease forcing the price Of
wheat beneath the dollar mark.
Some recovery was had later on
export buying, attracted by the de-
cline. Cotton made progress dur
ing the week.
An encouraging feature was the
governments report on consump-
ton Tor the past year, which
showed that the mills Of the coun-
try. used up a million bales more
than last year. The carryover into
the present crop year. furthermore,
was only 1880, 600 bales as COM
pared with 6,500.000 a year ago.
This abnorna1ly low carryover. to-
sgether with prospects for a short
crop, suggests the possibility Of a
scarcity of the staple.
Money was easier, the ruling rate
foR call funds IN this market get
ting down to per cent against an
average of 3 1-2 per cent a week
before. Capital offerings, never
itheless, showed a further decline,
totaling .sl5.0O0.oo0. as against
0.A00, ,0a0 las. week. Absence of
new issues in volume and plen-
titude of money impaired stregnth
to theb ond market. The weeks
report of the federal reserve system
shows small increase in bill hold
ings, but bills discounted for mem
Der banks decreased, which shows
that the commercial banks are able
to handle the business of the coun-
try in its present volume without
strain.
Pisgah News and Views.
Pisgah. Aug. 21.-The last three