The Washington herald., 1922-06-04
CUBAN BUSINESS
CONDITIONS SHOW
IMPROVING TREND
Iron, Steel, Lumber, and
Other Construction Ma
terials in Demand.


cuoan business in a number of
ines mas become more encouraging,
eecoroing to cables to the Depart
Lneht OF Commerce from Acting
numerical Attache Chester LLOYD
Jones Havana. Iron and steel. iun-
per. and other construction mate
rlais are being taken In Increasing
amounts. and even in textiles, until
recently much depressed. there are
signs or Improvement. Old accounts
rom the boom period have been
soJusted to a considerable ,exte mt,
ana even where such is not the case
new business is often being carried
on independent of the old accounts.
as yet these can be accepted as no
more than very advanced symptoms.
as there are still many old accounts
~here settlements on discount basis
nave not been made, and which are
stiii either subject to ARRANGEMENT
or involve future payments extend
ing over a considerable period. II
remains to be seen whether profits
VIII be sufficient to allow the debt
ors to meet their obligations In
'nese unsettled outstandings.
The sugar harvest has passed its
highest point. II conditions con-
tinue favorable. a total outturn for
the island for the year of $500. 1000
tons Is thought possible. Though
such yield Is encouraging. ana
though the effect Of rrindinr ha,
been to put money in circulation. a
number of mills seem to have been
unable to make money and will end
the season with obligations greater
than they started. For thes. rea-
sons II Is we'll to act with caution
until It becomes clearer that IN,
sugar Industry and the activities
depending upon IL have actuaIiv
reached rock bottom. There will
De many cases In which houses ap-
parently doing satisfactory current
business VIII actually be hard
pressed to meet their obligation,
when payments on the accounts nov
deferred become due.
| Tobacco and Fruits,
The tobacco crop of 1922 4, har,
vested. The quantity is reported II
be fair. the quality good. Local
cigar manufacture shows improve
ment. Exports of tobacco for the
nrst three months of 1922 show an
Increase In quantity over the same
period in the previous year OF over
80 per cent.
Pineapple exports are going for
ward at a rate which indicates a
shipment OF 100000 boxes for the
season. The grapefruit market Is
satisfactory.
Ranking Developments.
The outstanding development of
the month in financial circles was
the suspension of payments by the
! banking house OF II. Upmann a
Co. An investigation of the ac-
counts of the company by a commit =
tee OF the clearing house showed
the conditions much worse than orig
| inally reported, and that II would
not be possible for the other banks
to assist. The Upmann Co. went
into technical suspension Of pay
| ment" on May IL. when II was taken
over by the temporary bank liquida-
tion committee. The effect OF the
failure Of this long blished
house has been to check the growth
Of confidence which the public had
begun to show in local banking
conditions and commercial develop
ments.
Bonded Warehouse situation.
The clearing off of the stock s
overhanging the market in the
| bonded warehouses continues. Part
OF the goods Is finding its way to
the market and thus reducing the
stock IN the port. Other portions
are being re-exported under the va
rious recent DEGREES.
The inventory of goods in the
bonded warehouses is practically
| finished. The owners OF American
| goods lying in forty-three of the
bonded warehouses had on May Il
| been notified by letter concerning
the reported location of their mer-
chandise. Under the present rul-
ings all such goods may lie in the
warehouses until June 80. when, II
! not withdrawn. they will become
subject to sale at auction to recover
customs duties and accumulated
| charges.