Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-07-03
Labor in Demand by Auto
Makers, Railroads and Build.
ing Trades - Cotton Crop
Outlook Brighter, Wheat
Prices Stronger ~ Money
Market at the Same Low
Level-Coal Strike Develop.
ments

New York, July 2-( BY A. P.)-
While the usual uncertainties of the
season and a few others of a special
character have dominated the coun-
try's markets during the past week,
returns from industrial centers con-
tinue good.
Steel production has maintained its
latest gains, railroad car loading
have reached a new high level for
the year and reports from a number
of centers mention active competi-
ton for labor between makers of
steel, automobiles and railroad equip
ment on the one hand and the build
ing trades on the other. Allowing
for the coal strike, which natural
ly affects the showing Of r: 'lroads
serving Union mines, the May earn
ing statements of the carriers, which
are now being published testify to a
further gain i'll tn volume of traf-
fic.
Regarding the seasonal uncer-
talntles. principally those relating to
the new crops, little in the way of
news has developed. Fair weather
IN the cotton belt improved crop
conditions somewhat and took the
edge off the miner crop scare of two
weeks ago. 1t also resulted in the
cancellation of the corresponding adj
vance in prices. Interest in the
trades has centered in tomorrow
government crop report, private es-
inmates favoring condition in the
neiShborhood of % per cent. The
amount of damage which the weevil,
which has had an unusually favor
able start may accomplish, and, &C.
cordlngly, the ultimate size of the
crop, remain largely matters of con-
lecture.
Wheat prices stiffened slightly.
partly on reports of smaller supplies
or the cash commodity and partly on
disappointing threshing returns.
There were reports, also of some
what better foreign buying. In the
course of faltering rally the July
delivery reached the vicinity of s1.15.
but the market was thin and uncer-
tain, as is, in fact, consistent with it's
between crop character. A good
yield remains in prospect and mail
order business is picking up well.
Despite flurries in call money
which carried the rate on the New
York Stock Exchange as high as
; IL per cent, the money market
still holds at the low levels Of the
year. The disturbance in call money.
a form of accommodation which is
extremely sensitive to temporary in
fuences, is generally attributed to
special demands connected with the
end of the first half year. The best
observers expect pronounced ease
again in July. Opinion is divided as
to whether the price of money al
ready has touched bottom or whether
it may still go slightly lower before
taking an upward turn.
Developments in the coal strike
are now commanding close attention.
Stocks of fuel are dwindling and
ueiidIlu Is growing. some quarters
point out that the delaying of a set !
Element for another month or two
might occasion a car shortage later
in the autumn. The uncertainty re-
garding soft coal prices is, mean
while, producing corresponding
doubts in related markets. Produc-
ton of bitumnous at non-Union
mines has continued to grow but
still falls short of normal demand by
at least two thirds. Anthracite out
put remains practically nil. All par
ties concerned appear to be growing
more anxious for settlement, a cir
cumstance which favors a success
full outcome for the conference CALI
ed by the government.
In contrast to their attitude re-
garding the coal strike. most finan-
cial and business quarters have
seemed but little impressed with the
possibilities embraced in the rail-
road walkout