The Washington times., 1922-07-24
B USINESS N D F INA NCE w1hMc
Market Comment
By w. q. COUSINS.
Is2s. by Cosmopolitan News
serVice.)

Copyright, Is2s. by Cosmopolitan News
serVice.)
NEW YORK. July 24.--Deveiop-
ments in the industrial situation
have been such as to direct atten-
ton more particularly to the re-
suits OF the coal shortage rather
than the difficulties In the way OF
producing more coal. This situa-
ton has been accentuated by the
addition OF the railroad strike TO
the industrial problems. Perhaps
the Administration at Washington
permitted this matter to drift too
long before showing It's hand i'm the
vigorous fashion which has charac-
terized It's movements during the
past week, One thing is sure. and
that Is, unless there is a speedy
termination OF the coal strike.
American industry will be hard hit
in the autumn.
The effect of the strike on pro-
duction is emphasized by the fol.
lowing figures In the month Of
March. the production of anthra-
cite amounted to 8,757,000 tons.
while in April production dwindled
to $4,000 tons; In May, $4,000 tons,
and in June $4,000 tons. For the
first half of the year the total, was
21 300. 900 tons, as compared with
/ 45,405.000 in the corresponding Pc
riod of 1921. In bituminous produc-
ton. the March figures were Co.,
900. 900 tons, and in April this had
declined to 10000. 900 tons. The
total for the first half year. how
ever. made a good comparison. he
ing 187,000,000 tons. against 1867
100000 in the corresponding period
Of a year ago.
It is stated that no time will be
company mergers in completing
their projects, now that the report
Of the Federal authorities has given
approval to their plans. In the
em-Lackawanna consolida-
ton II is stated that the Bethlehem
company will exercise its option Of
paying $500, 900 in cash to Lack
swanna stockholders instead OF
changing the stock. Under this
plan. Lackawanna ockholders
would receive 64.4 per cent of Beth.
lehem "B" and 35.s per cent of
Bethlehem per cent preferred and
IS cents a share In cash. This at
current price would equal a value
OF SS5.72 a share for Lackawanna.
There has been a rather remark.
able betterment in an important
branch of industry, the sugar trade.
Embarrassment In Cuban sugar
business a year ago was reflected
in continued financial trouble In
Cuba. Now the sugar mills are
grinding merrily and statistics
| Ohnxu that IN ThtlNy fAtn1 ~
3.6Ss, ,225 tons Of sugar were shipped
from Cuba, more than double the
amount of the same period last
year. All the sugar stocks have
shown a vigorous reversal Of form
in recent weeks and sales in this
department have been particularly
heavy.
AS might be expected the sue
successive reduction in the Eng
lish bank rate has failed to stimu
late trade to any great extent and
il is therefore felt to be useless 10
strive for this result by the same
expedient. As a matter Of fact
trade Is stimulated not by cheaI
money, but by purchasing demand
and this is the result OF low com
modify prices and steady occupa
ton Tor the Wage-earnlnB ClaSs' Ii
the last few months our business
leaders have carefully scanned the
European cables for day.to-day de
velopments on the other side. Il
is felt that the British, French
Italian, and Holland exchanges viii
work gradually higher. while Aus
trian and German exchange Is ar
unknown quantity.
A significant comment on the de
velopment of the automobile trad
is furnished by current state
ment issued by the Central Motor
Corporation. Whereas this corpora
ton showed deficit of 'abou
S65, 5,000,000 in 1921, its operations
for the first half Of 1922 resulte'
in net additions to surplus of owe
S26, 900 900, after taxes, charges
and preferred dividends. The com
pany has made a profit of $3.50
share on It's common stock, which
Is now quoted in the listed marke
at $14 a share.
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