Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-22
Financial Market
(coptinuod from Pace one)

Reserve bank statements, and by the
extraordinary ease with which
nearly two thirds Of a billion dollars
in new capital issues have been alb
sorbed during the first three weeks
of January.
With both note circulation and
deposit liabilities at the Reserve
Banks showing sweeping reductions
because OF the passing Of the de-
mands incidental to the holidays and
the year-cnd, and with reserves still
growing, partly because of addi-
tional gold imports, the reserve ratio
OF the system as a whole has risen
from 71.3 per cent to 76.1 during the
past two weeks. The latest ratio APP
proXmates that existing during the
past fall and is actually slightly
higher than that of year ago.
Meanwhile some 5000, 600, 900 in new
bonds have been absorbed without
injurinS the market for the obliga-
tions already outstanding.
In the industrial field, the steel
companies continue to operate at a
rate slightly better than the best
attained last year. Manufacturing
consumers of steel are increasing
'-'~'. PAoNNNNioIi oShCouIcS anu dS d
consequence are anxious to place ad-
| ditional orders with the steel COM
panics. AS the latter are well book
ed up through the first quarter of
the year. the tendency is for prices
to harden and slight advance has
occurred in the heavier products.
steel in large quantities is still
wanted for building construction,
railroad material and by the oil in
| Gustry. while the makers of agri-
cultural implements now foresee in
creased activity. Great optimism
prevails in the automobile trade, a
record breaking year being expect
cd
New high prices for cotton futures
call attention to decidedly firm spot
mar kets both in the South and at
Liverpool. Prices at the latter CEN
ter have been persstently strong all
through the past week. little atten-
ton apparently being paid to the
Franco German troubles. At New
York. the May future reached $3.50
cents, which represents a gain Of Il
points on the week and 1913 points
since the start of the year.
In most quarters there is a dis
| PS'i'iSh W pau Tally jung
ment on the French advance into the
Ruhr. 1t is felt that the occupation
IS an economic injury to both of the
countries involved and that the pros
| poets of collecting much in the way
of separations are poor Nevertheless,
! there is considerable body of opin-
| ion in financial circles to the effect
| thu; some such movement by France
w's politically inevitable and that
after both parties have experienced
| the consequences thew may be willing
to accept other solutions of their
, problems.
Vel informed quarters also
| minimize the British debt missions
| departure without having completed
an arrangement. 1t is pointed out
| that the operation is huge and will
nave momentous consequences. EN-
phasis is laid on the excellent rela-
tions established by the two COM
missions and the straight forward
and business like attitudes which
both have adopted Substantial
Progress toward an agreement is be-
lieved to have been made and it is
expected that the negotiations will
he completed by cable after the
British mission has had an oppor-
tunitv to confer with its govern
ment.