The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1922-08-12
BUSINESS CONDITIONS
From the National City Banks
Monthly Letter

From the National City Banks
Monthly Letter
New York, August. 1922.
The leading topics Of interest in
the past month have been the crops
and the strikes. The crops have have
come along finely. The farmers have
been doing their part to supply COM
munfty wants without sulking or
striking, although not much consId-
GRAFTON for their needs Is shown I'm
some quarters. The outlook Is for
n OF the best all-around crops. The
coal strike has caused the banking
OF a number of furnaces, but has not
Affected either industry or trade gen.
orally. For the week ended July Is
q loadfngs were S60,9O7, which
compares with 774,Ss4 in the cor
responding week of 1921, s42,s51 in
1920 and 902,296 In 1919. The load
ing Of all commodities except coal.
exceeded those in any other week on
record except the weeks of September
and October, 1920. A scarcity OF
common abori Is complained Of, par
ticulariy In the iron and steel indus
try. The automobile and tire indus
tries have new production records,
but competition Is sharp and tire
prices have been slashed. In the oil
industry. under heavy production,
large stocks Of crude have accumu-
! lated and two price cuts Of rs cents
per barrel each have been made. Gas
oline prices also have been reduced,
but the consumption Of gasoline is at
a record-breaking ate.
House-building IL at the height of
activity. The strike Of cotton-mill
operatives in New England, which
has lasted about six months, IL losing
out. an increasing number of mills
having put into effect the wage re-
duction of 20 per cent with an in
crease OF weekly hours from 4S to 81.
THE COURSE OF PRICES
The price changes have been mar
row OF late and largely offsetting
! each other. The commodity index of
the Federal Reserve Bank of New
York. which consists Of 20 basic com-
modities. has shown a slight down
ward trend In July, declines In wheat,
cotton. cattle. oil, rubber, and others
counterbalancing advances In sugar,
hides. etc. The Reserve Banks list
reached Its low point in June, 1921,
at 1914 and 10 stands at 1891,
prices Of 1918 being 100. On the
other hand, the tables of the Bureau
OF Labor for wholesale prices. which
include many articles of manufacture
and in the aggregate over 500 com-
modities, reached its low In January,
1922. at 1873, and for June. 1922,
stood at $50. It showed a rise of
l 1-3 In June Owe May.
The money market Is easy. with
little change In the demand. Large
consignments Of gold are being re-
ceived. understood to be largely for
account OF the British government In
preparation for the payment of in
terest upon Indebtedness to the Unit
ed States government. The stock
market has beer strong despite the
strike conditions, and the bond mar
ket has been steady with an upward
tendency for the best securities, Lib
erty bonds reaching new high fg-
ures. The sale of tax-exempt secur-
tiles. particularly the land bank is
sues. has been heavy.
CROP CONDITIONS
The Governments July report on
the Winter wheat crop a an esti-
mate OF 56s.000.000 bushels. which
| compares with a final estimate of
$4,000, 900 bushels in 1921. The
crop suffered some shrinkage from
hot weather In maturing, which
caused the July estimate TO be below
the previous ones. It has taken con-
siderable rain In the shock. which
may cause some damage to quality,
and has delayed the movement to
market. 1t Is not moving as fast as
q year ago, one reason being that the
price is down to where 1t yields less
than 800 per bushel to the farmer
at country stations in the West.
The Spring crop In the Northwest
ern States will be a bumper yield per
acre, and the total will be higher
than last year unless damage m
in the harvest. which is 10Y begin
ming. The acreage is smaller than
last year, but the country should
| have more wheat in the aggregate
| than last year. The Canadian crop
| promises to be the largest since the
| big year, 1915. SO that the aggregate
| amount of wheat available for ex-
port from North America probably
will be the largest since then.
The prospect for European demand
for wheat Is good. The special adj