The Birmingham age-herald., 1923-04-16
RAILWAY RECORDS CONT NIUE HIGHEST IN ALL HISTORY
Wage Advances Prove Indus trial Feature of the
 Past Week

NEW YORK, April 15-(By Asso- ciated Press.)-Additional wage ad- yances, continued reports of great in dustral activity and indeeisive specu- lative markets have been the chief topics of discussion in business and financial circles during the past week. As, had been anticipated the arrival Of the season for additional outdoor work has resulted in in- creased competition for labor, this factor plainly being the reason for the II per cent increase In wages in the steel industry. The other out standing advance was in the pack : ing industry. In certain quarters a disposition to view recent increas ses With restraint was apparent, the point being made that the magnitude of the labor shortage has been the subject of certain amount of eXaggeration, the latter being prompted in some cases by desire to sell goods ahead,
 In steelait has become increasingly clear that the buying movement which started last December has come to an end. Buyers are well GOV cred ahead and do not care to pay present high prices for more re- mote deliveries. Accordingly all though the steel corporation un- filled orders showed a further gain during March, it is considered that this sort Of thing may have come to an end for the time being at least. Meanwhile, steel works are operating at something like 90 per cent of ca pacity and are expected to continue to do so for some months to come.
 O q O
 Railroads Break Records
 Among other record breaking in dustrial performances are those of the railroads and cotton mills. Rall- road traffic is remaining very heavy, exceeding the movement at this sea son in any otber year and, for that matter, the optimistic estimates re- gently prepared by the American Railway association. Cotton con sumption in March, as reported by the census bureau, amounted to 623 900 bales of lint. this being over 100 GOO bales greater than in March q year ago and establishing in fact the greatest months taking in his- tory.
 Despite these evidences of pros perity, speculative sentiment re- mained uncertain. Cotton prices fluctuated over wide range, being helped, on the one hand, by heavy rains in parts of the growing area and being depressed, on the other, by profit taking and short selling, Stocks were again under pressure particularly in the early part of the week, oil shares being sold on re- auctions in California and eastern crudes. Bear attacks did not sue ceed, however, in dislodging any large amounts of stock.
 Wheat was one commodity whlch displayed consistent strength. It. to- sether with corn, probably owed It's rise to the department of agriculture crop report. The latter placed the per cent which compares with an estimate of 7S.4 per cent year ago No official estimate has been made of acreage abandoned, and untll this has been done, ideas of probable yleld will remain sketchy. Nevertheless, feeling is growing that the winter wheat crop will be somewhat smaller than last years. Other factors help ing grain prices are reVlVal or eA- port buying and recrudescence Tn Speculation on the long side.
 Money rates have been snghtiy | easier the relaxation being apparent | in salary and time rates. The change 1 is explained in most quarters as | being due to the passing of the Aprl | 1 influences and to a gradual draw | ing down of the large government deposits which resulted from the | March tax collections, which were l bigger than had been expected l Consistent with easier money, bonus I have been showing somewhat pet ter tone.