Cotton

Despite the fact that the estimate for the 1922 cotton crop has been considerably reduced, cotton futures declined in active trading, again showing that the speculative markets have apparently overdiscounted future conditions. In the steel industry, however, no such let-up has come. Production is, if anything, increasing, prices generally are still rising, and premiums are reported for early deliveries, especially of sheet for automobile manufacturers. The larger mills are said to be declining additional business for the time being. New railroad equipment orders for 1923 are estimated as very large, comprising 6,000 engines, 150,000 new freight cars and 800 new passenger coaches.

The Bankers Trust Company of New York elected Seward Prosser to be its first chairman of the Board; A. A. Tilney will succeed him as president.