Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-03-19
BY STUART p. WEST
epsstel cs!ealeaesst q Great palis Trlbans

Copyright 1854. " The Great Falls tribune
New York, March 18.-This weeks
markets have moved again under the
two fold impulse Of improving trade
reports and falling money rates. Near
~ all the latest happenings in the bust
The steel mills are reported working
close to 60 per cent capacity as against
40 per cent at the beginning OF the
year. The higher price scale put into
s steel /. bons 6oppeg mess when
came down during January and Feb
ruary from IA to 12A cents q pound
has again turned upward under the
influence Of heavy export sales and is
selling at 1871 cents. The sugar trade
in some respects the hardest hit OF
for the better--continues on the mend.
Sugar Prices Raised
For the third successive time in lit
tie more than month, refiners have
raised on their product. In doing so
said about the low state Of world sup
plies In the hands Of refiners and con-
sumers, and about the approaching ex-
haustdon of the once tremendous 1921
Cuban surplus. They have also up
held the prospect that when the new
season gets started within the next
two to three months, demand and sup
ply will have struck an equation where
prices will be back to something like
normal level, and the sugar companies
once more will be making money.
Grain and Exchange Gain
Supplementing these various indica-
tons Of trade recovery have been the
two important tests, one in the grain
market, the other in the foreign ex-
changes. In both instances the rapid
the early part of this week had raised
the question in many minds whether
the extraordinary decline from the
middle of January until the end Of
February was nothing but a specula-
tive movement resting on insufficient
ground. This doubt has been satisfac-
torily settled. The May wheat option
came down 20 cents bushel from its
top, ard sterling exchange declined IL
cents. But as good judges had believed
right along, these were merely reac-
of vital fundamental changes, there
had been thick layers of speculation.
In getting rid of this speculative ele-
ment the windward swing was excess
sive and this was shown conclusively
by the fact that it took only two days
for sterling to regain nearly two-thirds
Foreign Trade
The February figures of foreign
trade throw the clearest light yet upon
the causes for the recovery in ex-
change rates. While imports of for
eieu merchandise into this country
were the largest, with one exception,
for any month in nearly year. ex-
ports were the smallest since July.
1914. and the excess of exports-$34,-
OOO-made up by far the slender
est total since war time.
This excess was not far from COW
cred by the $27 100000 net gold i'm
ports of the month, let alone the in
visible debts for such items-as ocean
freight charges. interest and tourist
expenditures.
United States a Debtor
With these reckoned in, there is not
the slightest question that the United
States during February was substan..
tial debtor in the clearing house and
this explains the decline Of the Amer
lean dollar in the terms of foreign cur
rencies. Supplementing the American
figures and showing why the. rise in
eterling was particularly rapid. were
the British board Of trade reports for
the last month. These disclosed an ex-
port excess of only $4,000 pounds
This compared with an excess of g.
747,OOO pounds in February, 1921, and