Evening star., 1923-08-13
TREND Of BUSINESS
BETTER PAST WEEK
Conditions in U. S. Reflected
in Stock DeaIings-Foreign
Currency Weakens.
By the Associated Press.

BY the Associated Press.
NEW YORK. August 13.--Although
holidays at home and abroad made
last weeks markets less active and
significant than is usually the case
financial and commercial activities
considered that the undertone was
somewhat better. At the start Of the
week a certain quiet optimism was
noticeable. this being ascribed partly
to the growing confidence that the
change In Executives would not re-
suit unfavorably and partly to reas-
surance over buriness prospects.
While industrial news continued
rather inconclusive. more optimism
was Ghown over the development OF
new forward buying movement.
Greater frmnesa in the commodlty
markets also was an encouraging
factor.
steel Output Below Spring Penk.
In the steel industry production
continued to run from Is to 2o per
cent below the peak reached IN inc
spring. The trade believes. however.
that consumption is being maintained
at high rate and explains tne re-
duction in deliveries as being due 10
the fact that consumers are now eat
ing into stocks instead OF building
them UP as was the case during the
spring. Pig iron prices have SHOWN
further recessinns. hut mcreaseuu =
buying Of this commodity is thought
by some to forecast a turn In the
market Meanwhile the gradual IN
PRODUCTION Of the eiGht-hour day
which is under way. is expected 10
reduce production to the rate OF ship
ment and to steady steel prices.
Railway Loadinys Increase.
Another indication that Industrial
activity is being maintained at a
high rate Is furnished by the latest
increase in railroad car loadinSs. In
the week ended July 2s over l.04l.O00
cars were loaded with revenue
freight. a performance which breaks
all previous records. The increased
movement Of grain from the new crop
is partly responsible Tor TINS gam
but the shipments OF general mer-
chandise continue to surpass those In
any other year.
Absence OF q break In the drought
In the southwest and buying on
further buliish reflections on the last
government crop estimate produced
a sharp rally In cotton prices early
in the week Traders realize that the
crop has now reached critical stage
and that yield OF about 100000
bales is a distinct possibility. AS a
result. sentiment which was rather
demoralized after the collapse OF the
bull speculation In the July delivery
has become much steadier.
whent Prices Pront.
Wheat prices also benefited durin
the past week by a builish govern
ment crop estimate. AS Of August !.
the Department of Agriculture esti-
mates the total yield OF both winter
and spring wheat at 793.000.00 bush
els. a figure which represents a de-
crease of 2S.000.000 bushels as COM
pared with the estimate OF the month
estimates. in the neighborhood OF
SIS, 100000 bushels. Last years ac-
tual production amounted to S62,-
100000 bushels. AS a result OF this
Unexpectedly favorable report. the
September future recovered 3ia cents
and closed the week at around ~
cents.
Foreign Currency Slumps.
Marked weakness in the currency
of the continental allies was the
feature Of the foreign exchange mar
ket French and Belgian francs de.
clined to new low records for all
time, the French franc touching 5.65
cents. This decline was based large
ly on extreme decentralization in the
German mark. which fell to 90 cents
for a million marks. and to indica-
tions that France and Germany were
unlikely to reach an early agreement
Sterling and most OF the other Euro
pean exchanges meanwhile held nrm
thus lending color to the theory that
the decline in the currencies of the
continental allies Is due to the opinion
that Germany is becoming more
unsatisfactory creditor for France.
Belgium and Italy.