Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-30
DRIVE OF BEARS
(Continued from Pace Qnel

cial condition to weather rougher
water without trouble.
An indication of how one industry
looks at the future is contained in
the announcement OF a IL per cent.
increase in prices by the American
WOODEN Company. Apparently this
company is confident that the con-
Stunning public will absorb the ad =
vance. The outlook for rubber. sugar
and certain of the non ferrous metals
also has improved. With all but three
Cuban centrals through with the
years campaign, it is evident that the
crops will fall considerably short of
the four million ton output Of last
year. Consumption Is running well
up with last year. While new buying
in copper has not actually developed
as yet, the trade has reaffirmed it's
belief that it is bound to come with
the fall.
The steel industry apparently is
catching up with it's untitled orders.
and experts predict some price recess
sions during the fall. Still produce
ton remains high Gnd it is pointed
out that several companies which in
the past have been quick to cut
prices in dull Tins are now merged
with companies which usually pursue
a different policy. The United States
Steel Corporation will issue it's Sec
ond quarterly earnings statement on
Tuesday. The report is expected to
show a large gain over the preceding
quarter.
Another favorable sign from the
standpoint of fall business is the
maintenance Of record freight car
loadings. Loadings for the second
week of July were again above the
million car mark, and this is taken as
an indication that goods are moving
into consumption rather than pilng
up. Moreover, it augurs well for rail-
road earnings. Statements covering
June operations are being received
and they are running about equal
with the previous month and well
ahead of last year. Moreover the
roads are making extraordinary eff
forts to get their tracks and equip
ment into proper shapes for handling
the fall business. This they are well
able to do because of good earnings
to date.
There may be some congestion
again this fall. but railroad men
predict that they will be better able
to handle than they have been in a
year of active business.
Collapse of the bull movement in
July cotton contracts which began
in May and June was the feature of
the commodity market. July has
been bought on the belief that a
scarcity of the staple until the new
crop came on would result in n
squeeze for the shorts. This did
not succor and as a result July flu
lures holders were unable to hedge
with sales of the distance futures
without taking loss and were
forced to sell out on what was prac-
tically a short cotton basis. This
time when the first of the new cot
ton comes on the market and while
the carryover is small, foreign de-
mand is limited and trade condi-
tons are such that domestic mills
are moving slowly. The government
crop report is due August ]. The
trade expects condition Of 20 per-
cent as against 600 last month and
an indicated crop of 11,S00,0O0 as
compared with the June estimate
of 1,412.000.
The oil situation Is causing some
worry. although each week should
bring nearer the time when flush
production in California. the upset
ting factor, will decline appreciably.
Output, however. continues to keep
ahead of consumption. Under these