Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-06-19
CONDITIONS ARE
REPORTED GOOD
IN THE NATION
Industrial and Financial Sit
uation Is Generally Favor
able; Detroit Employment
Has Increased.

New York, June IS (by the AS
sociated Press Industrial ana
financial conditions in the last
week presented n generally FAVOR
able aspect, Notwithstanding the
reactionary tendency in the secun-
ties market, which apparently was
connected with the technical spec
ulative position.
Steel production exceeded the
best rate previously attained TINS
wear. 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 automo-
bile manufacturers as to the con-
tinuance of satisfactory business.
Car Loading Good.
Railroad car loading figures con-
tinued good.
The absolute amount Of cotton
consumed by mills during May as
compared with April was not ac-
counted for merely by the greater
number of working days in the
latter month. Mays takings cor
responded almost exactly to the aV-
age for the last 10 months, which
in turn. we're 90 per cent greater
than those in the corresponding
period a year ago. Exports during
the same interval will have drawn
slightly more than another six
million bales from our supplies.
As the actual yield OF the last crop
totaled only 100000 bales, it was
believed that the carry-over will
have been reduced by approximate
fact, somewhat less than normal.
Prospects for fun crop in the
coming year meanwhile remained
doubtful.
The week which brought unusn-
ally large financial transactions by
the treasury passed without Great
ing any disturbances in the NOR
ey market. These transactions,
which centered on June Is, inclul-
ed the collection of $500, 10000 in
income taxes, the payment Of s125,-
100000 in interest on Liberty
bonds, the paying off OF $3.50, ,000.-
900 in maturing certificates of
Indebtedness, the redemption OF
$3.50 100000 in Victory notes and
the flotation of s25O,000, 900 in new
certificates.
Rate on Call Money.
The rate on call money, the most
sensitive index of the markets s
condition, ruled at close to 3 per
cent throughout the week and nj
IA per cent touched what was
virtually a new low since October,
1917. The reserve ratio of tho
combined federal reserve system
receded slightly but this was dl-
rectly due to an increase in gov
ernment deposits, which in turn
may be traced to the transactions
of June Is. Both note circulation
and discounts were lower, circum-
stances which suggested that there
was still no change from the ten
dency' toward monetary ease.
Grain prices showed further
weakness. The reaction coincided
with those in securities, and in
some quarters were considered 20
have occurred in sympathy with
the latter.
Reports from the middle west
indicated, meanwhile. that the
farmers had improved their posi-
tion materially and that they
would make out fairly we'll with
prices at 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 mer-
chandise in the farming districts
Is expected to be correspondingly
delayed.