The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-18
DEVELOPMENTS Of
PAST SEVEN DAYS
H { | D FAVORABLE
Industrial Activity Continues
At Very Near The Rec
ord Rate

NEW YORK, June Idly Assoc
ciated Press.)-W the financial
markets displayed some hesitation
during the week. this was regarded
in business circles as but natural
and familiar occurrence at this sea-
son of the year. There were, how
ever, a number of Developments thai
were regarded as especially favorable.
There was some resumption of copper
buying and an improv ement in
prices.
The increase in the dividend of the
New York Central railroad contrib
uted strength tc the rails, although
the stocks of the industrial corpora
success sfuI flotation of the Austrian
loan. with its immediate rise TO
substantial premium, showed that the
demand for good investment issues is
still vigorous.
Loadings Continue High.
Car loadings continue at a high
record for this season and this is in
terpreted in financial centers as an
indication that goods are going freely
into distribution and not accumulat-
ing at the mills and factories There
are ether indications that industrial
activity continues at very near the
record ra;e in spite of relaxation re-
ported for some of the basic indus
tries.
ne census bureau 5 report on COL
ton consumption for May showed
total takings by the mills of $4,000
bales. This is only 5000 bales less
| than The record figure for Marcl. and
is held to indicate that the temporary
suspensions by a number of mills in
the Fall River district had very little
effect during that month on the total
output of textiles. During the past
week, however, there has been
further curtailment by mills in other
textile centers in New England. The
heavy mill consumption is offset in
considerable degree by the slump in
exports of raw cotton. Only twice
since the outbreak Of the European
war have exports been less than they
were in May. These occasions were
September. 1914, before the allied
fleets had secured control of the
seas. and in September 1920. when
the heavy buying by Europe sudden
| " collapsed. If domestic consdmp-
ton and exports of cotton are added
| together II appears that the total for
| March was 10000 bales less than IN
| May In the face of this statistic al
| showing the cotton market moved I'M
certainly during the week with a
wide range of fluctuations, which
were partly in response to weather
conditions. In the speculative trans
| actions July options have occupied
the chief place.
Wheat shows Weakness.
The wheat market showed a ten
dency to weakness. except for a brief
rally near the end of the week, when
destructive rains were reported in
parts OF the winter wheat belt I'm
| portant speculative developments
have been consuicuously absent and
although the total yield for the coun-
| try promises to fall behind that of a
year ago, the better crops in other
countries indicated comfortable
world position for this commodity
| Corn prices, on the other hand, have
remained firm and at their present
levels chcy have stimulated heavy
sales Of live stock, with the result
| that hogs recently sold in Chicago at
the lowest prices since 1912.
imports into the United States dur
| ing May exceeded exports in value to
the extent OF SOL, 100000 This is the
third consecutive month in which the
balance CT trade against the United
| States has been unfavorable.
| For the first five months of the
year the trade figures show an ex-
cess of imports OF s137,5S2,oOO, as
| compared with an excess of exports
amounting to $685., 540, 600 in the COR
| responding months of 1922 The
heavy increase in imports In recent
| months is attributed to the inflow of
raw materials for manufacture, and
| this in turn reflects the expansion of
| Industrial activity in the United
| states during the current year