The New York herald., 1922-07-21
BUSINESS IMPROVED
In U. S. DURING JUNE
However, Further Advances
Were Not SO Great as in
Preceding Months.

WASHINGTON. July 20. = Figures SO
far received by the Department OF Com
merce on commercial and Industrial
movements during June indicate that
the improvements In business noted In
earlier months continued; however. fur
ther advances were not so great as in
the preceding months. part Of this
was no doubt due to seasonal slacken-
Ing. but more especially to the effects
OF the long continued coal strike and
the uncertainty connected with the rail-
road difficulties.
The coal strike. which has now been
In effect nearly sixteen weeks, has so
far caused but little disturbance to in
dustry. The reason for this lies in the
very heavy stocks winch were built up
In the early months of this year. AS a
matter of fact. bituminous production
Tor the first half of the present calendar
year has been less than per cent. be-
low the output in the corresponding
period a year ago. In recent weeks
some of the smaller Industrial plants
have begun to experience a fuel short
age. This, together with the realization
ne some time before an even distribution
can be established, has had a deterring
influence on industry.
II satisfactory settlement of the
present labor difficulties can be reached
IN the near future. says the Department
of Commerce. there is every reason to
believe that business will continue on its
present level, or even to increase in vol
ume. The failure TO reestablish Euro
pean economic equilibrium may con-
t:nue to limit American foreign trade in
that direction, but domestic conditions
~ we'll as those in many other parts of
the world are favorable to further ex-
pansion.
Consumption of cotton by textile mills
In June showed further increase. with
total OF 507.S69 bales. Exports of
cotton totaled 49l.079 bales. an increase
OF about $4,000 bales over May and.
with the exception of April. exceed any
other month of this year. Stocks of cot
ton showed further marked decline
both in mills and in warehouses
Consumption of raw silk as indicated
by withdrawals from warehouses
amounted to 29.529 bales in June, which
was less than in May but higher tbs n
for any other month since January.
The production of pig iron and steel
ingots managed to hold its own dur
Ing June in spite of the fuel difficulties
which are beginning to make themselves
felt In this industry. There was a slight
increase In the production of pig iron
over May and small decrease in the
output of ingots. Unified orders of the
United States Steel Corporation increased
$4,000 tons over the condition at the
end of May.
Production OF gasoline In May, the
latest figures available, showed another
new record for the industry. with a
total of 513,659,000 gallons. Consump-
ton also increased from 3S5.564.0oO gal
Ions in April to 499,242.OO0 gallons in
May.
Building contracts awarded In the
twenty-seven Northeastern States during
June were valued at s343.440,0O0 a de-
cline Of about s19.00O.000, compared
with May. This is largely accounted for
by the very heavy activity in the pre-
ceding month.
Early forecasts OF crop production are
particularly favorable. The indicated
production of wheat. oats. barley and rye
are all above the final outturn Of year
ago. Corn. although less than last years
crop. Is above the five year average
Bills discounted by the Federal Re-
serve Banks increased in June for the
first month since October. 1920. The to-
tai bills on hand at the end of June
amounted TO s623.0oo.00o. comrared to
$500. 100000 month before. In June
of last year the bills on hand in the
twelve banks amounted to s1.177 ,000. 900
and In October. 1920. to s2.S01. 900. 900
Total reserves and total deposits In the
Reserve banks showed slight increases,
compared with the end OF May.