Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-25
Money and 9th er
Markets Satisfactory
During Past Week
European War Talk Disturbing,
but Boosts Grain Prices
Car Loadings Indicates Good
Recovery by Roads-Whole-
sale Prices for August Show
No Change

New York. Sept. 24.-(By A. Pr
Despite nervousness in the security
markets. domestic, industrial and f.
nancial developments during the past
week continued reasonably satisfac-
tory.
Talk of war in Europe on the basis
of the Turkish troubles which con-
sentative quarters considered over
drawn, was a disturbing influence. but
served 20 rally grain prices above the
recent low December wheat rose as
high as S1.09 3-S, which is 10 cents
above the recent low. This advance
was accompanied not only by change
in speculative sentiment. but by con-
siderable foreign buying, which is
quite natural at this season of the
year.
Further gains have been reported by
the steel industry. More blast fur
naces have been placed in operation
and the rate Of steel making has been
ncrea Sod to approximately 65 per cent.
of capacity. This recovery, which is
better than had been anticipated. has
been accompanied by a settling down
of the steel market as far s prices
are concerned. Recent extreme pre-
miums for quick delivery are disap-
pearing and a more stable basis of
business is developing. The present
rate of production, while below war
expanded capacity, is greater than in
any year before the w.r.
The Improvement in steel operations
has been made possible by an easier
situation with regard to coal Blum
nous production has been pushed we'll
beyond the ten million ton a week
and supplies are now fairly comfort
able. Recognition Of this fact appears
in the Interstate Commerce Commits
sion's lifting Of certain Of its priority
restrictions.
Car loading statistics also are sat
isfactory, indicating that the railroads
are still expanding the traffic move
ment to new high levels since the fall
of 1920. While the number Of cars
loaded during the week ended Septem-
Der is nearly 100 600 less than in the
previous Year, the loss is more than
accounted for by the Labor Day holt
day. Taking the figures as they stand.
however, the movement of general
merchandise and miscellaneous freight
was $4,000 cars greater than during
the corresponding week year ago.
Dsregarding rise in the sensitive
money rate on the New York Stock En-
change to 6 per cent. which seems to
have been due to tax collection opera
lions, the tone of the money market
| has become slightly firmer. Bankers
acceptan IS now command IA of l per
weeks ago. The explanation lies part
ly in. an increase in the volume of
I bills which has been contributed to be
heavy importations, some of which are
seasonal and some of which have been
in anticipation of the change in the
tariff. At the same time. it would ap-
pear that foreign balances have been
withdrawn from this market, probably
for use in purchasing grain and raw
materials. No sharp rise in money
rates is. however. anticipated.
Confirming previous indications, the
| bureau of labor's index of wholesale
commodity prices for August shows
no change. Fuel and metals were
practically the only groups to advance
and the effect of these increases was
offset by losses in food and farm pro-
ducts.