Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-06-12
BUSINESS GOES
ON HIGH; WHEAT
HOPES BRIGHT
Improvement Greater
Than Hoped For at
First of This Year.
Industries Make Good
Report; Prices Are
Showing Firmer Tone.

New York, June 11.--(By The Asso-
ciated Press) s).-Continued indications
of industrial improvement, signs of a
renewed easing in money rates and de-
velopments as to crop conditions are
the features in the business and fin
ance of the past week. Commodity
prices still show a firmer tone. retail
trade is about what mighe be expected
at this time of year and the labor sit
uation shows no decided change. The
picture continues to be one of gradual
but fairly steady recovery from de-
pression-a recovery exceeding expec-
tations entertained earlier in the year.
Recent reports show that steel plants
are still operating at rates which COM
pare favorably with full capacity dur
ing and before the war. Steel prices
are firm. The value of building con-
tracts let in q northeastern states
during May set new high record and
was six times greater than the month
ly average during 1914.
Automobile production during May
also exceeded all previous records,
while the steel companies report in
creased demand from manufacturers of
agricultural implements. Orders for
railroad equipment continues to be
placed in satisfactory volume.
Good Northwest Wheat
Latest reports from the northwest
indicate that the prospects are for
good wheat crop Although late in
starting, recent exceedingly favorable
weather has brought the crop along
very rapidly The showing is amply
confirmed by the government crop re-
ports of June 1. which indicated
yield of 55,00O,OOO bushels of spring
and winter wheat. as compared with an
estimate of $50 100000 bushels a year
ago and an actual production last year
of $4,000 900 bushels.
Prices of wheat for future delivery
have declined sharply in the last few
weeks. but this is attributed in most
quarters to the collapse of the at
tempted speculation for the rise in the
May option rather than TO anything
disturbing in the gneral situation, and
disturbing in the general situation, and
is considered to hold out better pros
poets for general business than short
crop at nlgn prices.
Cotton Hopes Less Bright
Cotton prospects are not so encour
aging. Floods have washed out i'm
portant growing areas in the south
west while the mild winter and wet
spring have aided the boil weevil and
delayed planting As result, prices
jumped to the highest since last Octo
Der. the leading futures crossing %
cents.
Whether prices will rise further
and discourage consumption remains
to be seen.
1t is clear, however, that the conse- |
ouences of a short crop will be miti- |
gated by the effect on the carry-Over,
which has been reduced to approx |!
mately normal proportions.
A relaxation of money rates at New |
y ork during the week suggests that |
the tightening occasioned by the trans !
actions centering around June l has !
passed and that there is no change as !
yet in the general money situation. !
Call money on the stock exchange /
dropped back to 3 per cent and in re
newing at this figure on the exchange |
set new low record since April, |
1918.
Money Decline Is Over
The prices for other forms of money |
are still at or close to their low points |
of the year and most quarters believe |
that the major part of the decline
in rates is over.
Reductions in wages for additional |
classes of workers by the railroad la
bor board have called forth protests
from labor leaders. 1t has been indi-
Gated. however, that the railway ex-
acutives do not take strike threats
seriously and the view gains ground
that the roads will be able to operate
under the rate and wage
schedules.
Almost no change is apparent in the
coal strike, situation. A long suspen-
sion was anticipated by the operators
whose policy seems to be a waiting