The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-19
Steel Production Attain High
est Mark - Railroad Car
Loadings Good - Cotton
Situation Promising.

New York. June 1S.--iBy The ASso-
eiated ess.)-Industrial and financial
conditions in the last week presented
generally favorable aspect. notSith-
standing the reactionary tendency in tho
securities market. which apparently was
called with the technical speculation
position.
Steel production exceeded the best
rate previously attained this year. Moro
coke plants were started and more blast
furnaces blown in Coal production
was greater and some Observers believe
that plants were In preparation for re-
ccsn,pk union mines IN tho Pittsburgh
district
Detroit employment figures show an
other increase. thus confirming state
nsnts OF automobile manufacturers az
10 tina continuance OF saasfactor ous'-
mesa
Oar Loadings
Railroad car loading figures con-
tinued good. Although the absolute
number reported during the week ended
Juno was smaller than IN tho pre-
vious week. tho rate was higher. II al
iovanse be made FOR the Memorial day
holiday.
4 similar calculation showed that the
gain in the absolute amount OF cotton
consumed BY mills during May as COM
pared with April was not accounted Tor
merely by the number OF working IN
the latter month. Mays taking CORE
sponded almost exactly 10 the average
for the last 10 months. which In turn
we're 30 per cent greater than those IN
the corresponding period year ago II
the present rate oe consumption Is con-
tinued during June and July. the total
o. txil1 aOpnnnt IN nearly
n six million bales. Exports during the
sama interval will have drawn slightly
more than another six million bales
from our supplies. As the actual yield
Of the last crop totalled only 100000
bales, u was believed that the carry
over will have been reduced by approNt-
mately 100000 bales. 1t will be. IN
fact. somewhat less than normal. Fros-
poets for a full crop in the coming
year meanwhile remained doubtful and
operatives IN tho New mpshire tex
tile mills were reported to be showing
q greater disposition TO return 70 WORK
No MONEY pisturbsnos
The week which brought unusually
large financial transactions by the
treasury, reacted without creating any
disturbance In the money market. These
transactions. which conferred on June
lis. included the collection OF 100000
600 IN income taxes. the payment OF
SIT, 600 900 IN interest on liberty
bonds, the paving of OF S3S0.000.00o In
maturing certificates OF Indebtedness,
the redemption OF $3.50. 100000 In victory
notes, and tho fiotation OF 100000
IN new certificates.
The rate on call money. the most
sensitive index OF the markets condi-
ton. ruled at close to per cent
throughout the week and ae ~ per cont
touched what was virtually new low
since October. 1917.
The reserve ratio OF the combined
federal reserve system receded slightly
but this was directly due TO an increase
In government deposits which In turn
may be traced to the transactions or
june IS. Both note circulation and dis
counts were lower circumstances which
suggested that there was sail no
h change from the tender = toward none
harry ease.
weakness In Grain
Grain prices showed further weak
ness The reactions conceded with
those OF securities. and IN some quar-
,ers were considered to have occurred
In sympathy with the latter. or TO be
due 20 the same underlying causes.
Rencrts from tho middle wes- tnd!-
Gated. meanwhile. that the farmers I'M
proved their position materially and
that they will make out fairly well
with prices a, a level corresponding to
ono dollar bushel for wheat at the
primary markets. Competent observers
believe that the farmers are not dis
posed 70 market wheat as rapidly as
last year. and II the price drops be-
low one dollar the grain movement
would be slow. In that case buying
OF general merchandise in the farming
districts Is expected 20 Do correspond
inxly delayed. which will exert re-
hex influence on the values OF the coun-
try merchants and country banks.
The trend OF srdn prices as har-
wasting OF the new crop progresses will
have accordingly a considerable effect
on developments both in the money mar