The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1922-06-16
BUSINESS, INDUSTRY AND
FINANCE IN UNITED STATES
Monthly Summary by Federal Re-
serve Board. May rs. 1922.

Steady improvement in the indi-
Gated yield of the principal agricul-
tural products has been an o,,ts+.rd
ing feature in the developments of
the past month. Improvements in
the prices of cotton, grains. and 9th
er products is also a Noteworthy
feature Of the month. In appraising
the manufacturing situation dis
tinction must be drawn between basic
commodities and those of a more
highly finished sort. The marked i'm
provement in the case of iron and
steel noted in business SURVEYS of
previous months has continued dur
ing May, untitled orders increasing
materially and ingot production be-
ing the greatest in any one month
since November, 1920. Much If tbo
same may be said with respect to
copper and other nonferrous metals
The situation in other important lines
of manufacture is less easy to char
acterize. Due to the continuation of
the textile strike the output of cot
ton goods has been materially lessen
ed, although in the Southern cotton
mill districts, plants are reported as
operating near the full capacity.
lhere was a recession of activity in
wooden manufacturing during April.
especially in the worsted branch of
the industry, while the silk industry
Is suffering from condition of con
tinued depression and inactivity. A
mixed situation confronts manufac
turers Of boots and shoes. In the St.
Louis district activity has been well
maintained, but in the Boston, Phila-
delphia and Chicago districts, some
recession has apparently occurred. A
portion of this must be ascribed to
seasonal reaction.
The general index number of whole
sale prices compiled by the Federal
Reserve Board shows an advance of
two points as compared with the pre-
ceding month, making it 149 (Which
closely approXimates the index num-
Der l46 of the corresponding month
year ago. This advance is due to the
advence in the prices of agricultural
products and in materials used in GER
tain basic industries. On the whole
the adjustment of prices among COM
modities and industries is approach
ing a more normal relationship, re-
fleeing the improved condition in ag-
riculture and the larger disburse-
ment in wages in many basic indus
tries
Retail trade exhibits an enhance
ment of buying power, returns be-
ing more favorable than those of re-
cent months. In wholesale trade.
however, the situation is spotty, some
lines, such as hardware, being favor
ably influenced by the great activity
in building. On the whole there ap-
pears to have been a decrease in IN
employment which has been brought
about through the increased seasonal
demand for outdoor labor and the en-
larged opportunities for employment
in the mines, and in other occupa-
tons. Factory demand for labor has
not kept pace with the growth in
other branches of industry, but, on
the whole, has receded, especially if
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 the domestic developments,
the striking event of the month has
been the announcement of cut of 10
per cent in railroad rates by the In
terstate Commerce Commission.
What effect this will have upon com
modify movements is as yet unascer-
tanned.