The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1922-06-15
BETTER FEELING IS
SHOWN BY REPORT

According to the monthly sum-
mary of conditions throughout the
country, published the latter part
of May by the Federal Reserve
Bank of San Francisco, steady i'm
provement in the indicated yield of
the principal agricultural products
has been an outstanding feature in
the developments of the past month.
Improvement in the prices of cot
ton, grains, and other products is
also noteworthy feature of the
month. In appraising the manufac-
turing situation a distinction must
be drawn between basic commodi-
ties and those of a more highly
finished sort. The marked improve
ment in the case of iron and steel
noted in business surveys of pre-
vious months has continued during
May, untitled orders increasing ma
terially and ingot production being
the greatest in any one month since
November, 1920. Much the same
may be said with respect to copper
and the other nonferrous metals.
The situation in other important
lines of manufacture is less easy to
characterize. Due to the continue
ton of the textile strike the output
of cotton goods has been materially
lessened, although in the southern
cotton mill districts, plants are re-
ported as operating near the full
capacity. There was recession of
activity in wooden manufacturing
during April, especially in the wor-
sted branch of the industry, while
the silk industry is suffering from
a condition of continued depression
and inactivity. A mixed situation
confronts manufacturers of boots
and shoes. In the st. Lous district
activity has been well maintained,
but in the Boston, Philadelphia and
Chicago districts, some recession has
apparently occurred. A portion of
this must be ascribed to seasonal re-
action.
The general index number of
wholesale prices compiled by the
Federal Reserve board shows an adj
vance of two points as compared
with the preceding month, making it
149 (Which closely approximate
the index number lac of the cor
responding month year ago.. This
advance is due to the advance in the
prices of agricultural products and
in materials used in certain basic
industries. On the whole the adj
justment of prices among commod
tiles and industries is approaching
a more normal relationship, reflect
ing the improved condition in agri-
culture and the larger disbursement
in wages in many basic industries.
Retail trade exhibits an enhance
ment of buying power, returns be-
ing more favorable than those of
recent months. In wholesale trade,
however, the situation is spotty,
some lines, such as hardware, being
favorably influenced by the great
activity in building. On the whole
there appears to have been de-
crease in unemployment which has
been brought about through the
increased seasonal demand for out
door labor and the enlarged oppor-
tunities for employment in the
mines, and in other occupations |
Factory demand for labor has not
kept pace with the growth in other
branches of industry, but, on the
whole, has receded, especially il
voluntary unemployment due to
strikes in certain sections of the
country be considered. Financially,
the month of May has also been a
period of comparative stability
Among domestic developments, the
striking event of the month has
been the announcement of cut OF
10 per cent in railroad rates by the
interstate commerce commission.
What effect this will have upon
commodity movements is as yet
unascertained.