The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1922-04-15

edapce that the corner has been
,urned and hat 1922 will be a bet
tor wear than 1921. The improve
ment I'm fundamental conditions and
IN general feeling since the first of
the year has been very marked; In
deed. from the middle of January to
the first of March optimism was per-
baps over-pronounced, and a mod
crate reaction in some lines has ma
turally resulted.
The stock market. which Is prompt
TO reflect and even anticipate changes
I'm fundamental conditions. has been
creeping upward for the last six
months in a slow but persistent move
ment which suggests faith that bet
ter days are coming.
Railroad traffic, as indicated by
the reports of car-loadings since the
first OF the year, have been running
ahead Of last year. although January
gross earnings were about 16 per
cent below those of the same month
of 1921. On the other hand the net
earnings OF 1919 roads were S57.421.-
sos in January against $2S,331.956
in January, 1921, which reflects the
reduction in operating expense.
Trading in all lines is on a short
order basis. Foreign buyers wish to
avoid the risks of exchange fiuctua-
lions so far as possible. and In the
domestic trade there is a prospect
that in some lines. particularly cloth
ing and textiles, prices may be lower.
There is general agreement, however.
that both at home and abroad stocks
have been worked down to the min
imum and that there must be con-
slant buying to meet the demands
for current consumption. This is n
respect in which the situation Is de-
cidedly more favorable than It was In
the latter part of 1920 and through
out most of 1921.
The steel industry has made a
marked recovery, the United States
Steel Corporation now operating at
about 20 per cen of capacity and the
Independent companies In the aggre-
gate at probably so per cent. When
1t is considered that production ca
pacity has increased about so per
cent since before the war. 1t will be
seer that this is far from a state of
stagnation.
The implement industry, although
still far from normal. is much better
than at this time last year. and that
is the case also with the automobile
industry. The figures for the latter
are quite remarkable. permits in 161
cities aggregating $132.s09.000 In
February last. against $50.433,167
in February, 1921.
THE SITUATION IN AGRICULTURE
The chief factor in the change OF
sentiment which has occurred since
the first OF the year has been the rise
in prices of farm products. II came
so easily and naturally as to demon
strate that the country had been suf-
fering from excessive pessimism. and
that In the natural order of things
the economic situation. given reason
able time, would recover its equil-
ibrium. Grain prices In Mach lost a
part Of their February gains. but the
reasons were obvious and there was
no serious loss of confidence. The
breaking of the drought In the south
west and improvement in the outlook
for the Winter wheat crop was the
principal factor In the decline. For
several months the country had been
hearing that the condition of the
Kansas wheat crop was critical and
getting worse every day. and then
came snow and rain. and the pros
pect is now reported good for a large
NA~P. AhC UOAtu bituatioh IA Wnodt
is closely balanced and any import
ant news is likely to have more than
the usual effect, Australia and Ar
gentina r both exporting freely.
New wheat from India will be avail
able within a month, and the harvest
is only three months on in this coun-
try. As the end of the crop year APP
proaches, opinions about the supplies
give way to realities, There have
been two positive opinions as to
whether or moi this country was sell
ing itself short. but the opinion is
now general that there will be enough
to go around.
Corn and oats always are infiu-
enced more or less by wheat, and
both r down from the top. The