New-York tribune., 1922-12-10

ven were sold. In August hotatlons
amounted 20 6l,62o,o0o yen. 50 that
az late as the beginning Of September
credit vas pretty tight. The chemical
and drug business as we'll as the pc
troieum trade were held back On se.
count OF it. Bat toward the middle OF
tho month call money fell through the
sen maFk--to 70.D sen q day for 100
yen about 81 per cent. The opening
days OF October found an abundance
OF money. II was 40 plentiful that II
astounded the bankers themselves. The
Furukava Banking Corporation ex'
plains the ease OF money AZ the Time
on the ground that the bankers were
over careful in providing funds for
month-cnd settlement requirements
And then, too, the cash payment OF 49,
O00,0 yen for the redemption Of the
French loan at the time doubtless had
something 20 do with it. This was
quite a contrast 20 the showing at the
close Of April for example, when the
call money ruled far above 10 per cent
Cotton Trade
The cotton trade Is one Of the most
vital Of the Japanese industries. And
the closing days Of 1921 and the earlier
months Of this year looked very black
indeed for Il. The bulk OF our Chinese
and Indian business 10 In cotton yarn
and textiles. In April, 1922, the price OF
cotton yarn fell 10 i20 yen per kori
Of $50 pounds. One can reRliIe what
this meant by remembering that the
production cost OF one kori Of cotton
yarn was somewhere bet~een 22O and
23O yen, with American cotton ruling
az 20 cents a pound. And the cotton
mills were closing even In the early
days OF September OF this year owing
&c the piling up OF surplus stock. All
this encouraged a large number Of spec
ulatiye bears 10 60 short Of the mar
ket, and in a more or less reckless
manner. And for some time II did
seem as though tAey had every reason
on earth 10 see the cotton business Of
Japan going 10 the bowwoWs. There
was the tremendous increase In the
number Of spindles in Japan foll5ving
the war boom. Then there was a steady
development OF the cotton spinning bust
mess In China, which meant that jap
anoEe yarns would have 10 fEht for life
10 hold their own on the continental
markets Of Asia, the most important
fields for the japanese production. II
is true that the stock OF cotton yarn
on hand was rather small At all times.
Even A. late as September 20, 1922,
there were only 3,ll7 bales in Tokyo
and in Osaka, so,O9S. Cut the bears
paid no attention to that; in their eyes
u WAS q mere tribe.
The first thing q chilled their
mnrrows and drove ihom to cover was
we'll verified repor. from India Of a
sudden recovery g. the eottons and
cotton yarn mai-e ta.c And when
they tried 20 cover ,hcir short COM
mitmen,s the slim figures Of the visible
stocS appeared to them in a somewhat
different light Cotton millG are not
woi q. however. They have very
sms.. sympathy for the bears at all
times, and more especially at the
present time.
Even the produeers OF copper are
getting cheerful. AZ present the rate
OF production Is reported % be be
tween $500 - 5000 tons a month. And
The country is consuming u AZ the rate
OF 5000 tons month. TherefOre
there Is an actual monthly shortage
OF something Ike 1000 - l.boj tons
o the metal. And there is Only 10000
ons q marketable stock in the coun-
s.. The producers are, therefore, look
forward 20 80 yen per 100 kin
IN confidence. Railway business Is
$50 improving. In the last ten days
September there was an average
uaiiv Increase Of 1851 tons In freight
loadings over the figure Of the CORE
stoading days ~ last year. In this
period about twice the amount Of rice
was loaded. compared 10 last year, and
coal gained something over $4,000 tons.
Lumber alfo r-ined 9s,01e over laSt
yc.r's fgufss. These things are looked
apon ss significant. Fof IN the eyes Of
hc business japan ticy spell the hnis
10 the dead season and a permanent
turn away from the critical days.