Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-03-12
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(Continued from Page One)

not unnaturally, remain firm. Both
Dunn's and Bradstreot's indices
moved upward during February, the
advance in the general level amount
ing to something like two per cent.
Examination Of the component
groups OF the induces discloses the
fact that the gains have been gen
eral. 1t is clear Furthermore, that
the trend toward higher levels has
been continued during March.
With business so active and prices
firm, there have been many signs of
increased public participation in the
speculative markets. Pronounced
activity has been apparent both in
stocks and cotton. Values have
shown considerable power of resis-
lance to the attacks of bearish pro-
fessionals. The movement in both of
these markets came to n halt to-
ward the close of the week, profit
taking and short selling producing
an irreguiarly downward trend.
Nevertheless, it is generally consider
ed that the character of the markets
has undergone distinct change
since the first of the year and much
interest is being displayed in the
course of events during the next few
weeks.
Further Increases in steel prices
have been the rule. Steel makers are
making every effort to enlarge pro-
duction. but are close to the limit
imposed by physical conditions.
transportation and labor supplies.
This condition in turn is likely to
have Il reflex action on certain other
industries. Thus it is stated that
automobile production and building
construction n1Sn annrnnchtn.y a
limit because OF scarcity of material.
Despite the fact that the United
States Steel Corporations operations
are at approximately 80 per cent of
capacity, the corporations untitled
orders increased $4,000 tons during
February. At the close of the month.
the total tonnage on order amounted
to 7,cS4,00O tons, as compared with
4,l41 900 tons a year ago.
Final fiGNres for railroad earnings
during January show that class one
roads as whole earned 5.54 per cent
on their valuation. This compared
with Sis per cent in December and
2.69 per cent in February, year ago.
The January figure is only one fifth
of one per cent below the figure fixed
by the Interstate Commerce Com
mission as fair return. Except for
-hoI II SCdE tSO, WflcH revenue WAS
swollen by an abnormal coal move
ment in anticipation of the coal
strike, the January figure is tile best
since October 1921. In financial
quarters these good earnings were
a source of considerable gratifica-
ton because they were taken as in
dicating that the roads will be in q
position to continue the enlarge
ment of their facilities and that the
equipment companies will still find
the carriers liberal buyers.
After achieving new high record
prices well above 81 cents, cotton re-
acted toward tho close of the week on
profit taking. The strong statistical
position of the commodity continues
to be the chief support to bullish
activities. Maintenance of high
rate of consumption by mills en-
phasizes the smallness of the sup
plies of the commodity which are
left over from the old crop. Wheat
prices recovered during the week
in rather quiet trading. The gov
ernmcnts report on stocks of grains
held on farms as of March /, proed
to be more bullish than was thought
likely to be the case a week ago.
Realization of this state of affairs
lay behind the weeks advances.
Money rates remain steady and the
bank statements indicate that the
credit position, as whole, is little
changed. 1t would appear, however.
that there has been a m6lement of
funds toward the large centers. and
toward New York in particular. The
explanation is considered to lie part
~ in preparation for the tax date
and partly in the increased interest
in the Metropolitan markets.