Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-06-19
WEST WHEAT
| HELD FOR 81,
D0PESTERS SAY
If Price Goes Lower
Grain Movement and
Buying Goods Slow.
Steel Production Has
Best 1922 Week, More
Men Work at Detroit.

New York. June 1S-(By The As
+, sociated Press. )-Industri and finan
clal conditions in the last week pre-
sented a generally favorable aspect
Notwithstanding the reactionary ten
dency in the securities market. which
apparently was connected with tn,
technical speculative system.
Steel production exceeded the bes,
rate previously attained this year
More coke plants were started ant
! more blast furnaces blown in. Goa
production also was greater.
Detroit employment bureaus showed
an increase. thus confirming statements
of automobile manufacturers as to the
continuance of satisfactory business.
Railroad Loading Good
Railroad car loading figures con-
tinued good
The absolute amount of cotton con-
sumed by mills during May as com
pared with April was not accounted
for merely by the greater number of
working days in the latter month.
Mays takings corresponded almost ex-
actIy TO the average for the last 10
months. which in turn were 90 per
cent greater than those in the cor
responding period year ago. Exports
during the same period will have drawn
slightly more than another six mil
non bales from our supplies. As the
actual yield Of the last crop totaIled
only 100000 bales. it was believed
that the carry over will have been re-
duced by approximately 1000. 900 bales.
1t Will be, in fact, somewhat less than
normal. Prospects for full crop in
the coming year meanwhile remained
doubtful.
The week which brought unusually
large financial transactions by the
treasury passed without creating any
disturbances in the money market.
These transactions which centered on
June II. included the collection of
S3OOWD.O0O income taxes. the payment
of S12J.G0O.000 in interest on Liberty
bonds. the paying off OF $3.50. 600 600
IN maturing certificates of indebted
ness, the redemption of S25O,o1O 900
IN victory notes and the flotation Of
S2oo. 100000 in new certificates.
Call Money Hits pa
The rate on call money. the most
sensitive index of the markets copdi
ton, ruled at close to 3 per cent
through the week and at %, per cent
touched what was virtually a new low
level since October. 1917. The reserve
ratio Of the combined federal reserve
system rcceded slightly. but this was
directly due to an increase in govern
ment deposits. which in turn NAV be
traced TO the transactiosn of June Is
Both note circulation and discounts
were lower. circumstances which sug
sested that there was still no change
from the tendency toward monetary
ease.
Grain prices showed further weak
ness. The reaction conceded with those
IN securities and in some quarters were
to have occurred in svm-
pathy with the latter.
reports from the middle west indi
Gated. meanwhile. that the farmers had
improved their position materially and
that they would make out fairly we'll
win prices at level corresponding TO
dollar bushel for wheat at the pri-
mary markets. Competent observers
oeheve that the farmers are not dis
posed to market as rapidly as last
,e;lr ana II the price drops below one
loiiar' the grain movement will he
SLOW. In that case, buying of general
merchandise in the farming districts ;s
expected to be correspondingly delayed.