Arizona republican., 1922-06-19
COTTON MART
NOW GAINING
IS
BUREAU VIEW
B usines S Conditions In
General Show Big I'M
provement During Past
Month Says Report

NEW YORK, June 1S.-Industrial
and financial conditions in the last
week presented a generally favorable
aspect, notwithstanding the reaction
ary tendency in the securities mar
ket, which apparently was connected
with the technical speculative posi-
ton.
Steel production exceeded the best
rate previously attained this year.
More coke plants were started and
more blast furnaces blown in. Coal
production also was greater.
Detroit employment figures showed
another increase, thus confirming
statements of automobile manufac-
turers as to the continuance of sat
isfactory business.
Railroad car loading figures con-
tinued good.
Cotton Situation Improves
The absolute amount of cotton on
sumed by mills during May as COM
pared with April was not accounted
for merely by the greater number of
working days in the later month.
Mays takings corresponded almost
exactly to the average for the last 10
months, which in turn, were % per
cent greater than those in the COR
responding period year ago. EX-
ports during the same interval will
have drawn slightly more than an
other six million bales from our sup
plies. AS the actual yield of the last
crop totaled only S0,300,000 bales 1t
was believed that the carry over will
have been reduced by approximately
100000 bales. 1t will be, in fact
somewhat less than normal. Pros
poets for a 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 mar
ket. These transactions, which CEN
tered on June Is. included the collec-
ton of $300,000000 in income taxes,
the payment of 125,0000O0 in inter
est on liberty bonds. the paying off
OF $3S0,000,000 In maturing certifi-
Gates of Indebtedness, the redemp-
ton of S250,00. 900 in Victory
notes, and the flotation Of $250,000, :
600 in new certificates av'sss ',.-s
Call Money at Low Figure
The rate on call money, the most
sensitive index of the markets con-
dition. ruled at close to per cent
throughout the week and at "a 60
low since October, 1917. The reserve
ratio Of the combined federal reserve
system receded slightly. but this was
directly due to an increase In gov
ernment deposits, which in turn may
be traced to the transactions Of June
Is. Both note circulation and dis
counts were lower, circumstances
which suggested 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 considered to have
occurred in sympathy with the latter.
Reports from the middle west indi-
Gated, meanwhile, that the farmers
had improved their position material :
ly and that they would make out
fairly well with prices at a level
corresponding to one dollar a bushel
for wheat at the primary markets.
Competent observers believe that the
farmers are not disposed to market
wheat as rapidly as last year and if
the price drops below one dollar, the
grain movement will be slow In that
case buying of general merchandise
in the farming districts is expected to
be CORRESPONDENCE delayed.