Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-16
DULLNESS
GRIPS MONEY MARTS
HIGH CAR LOAD|NCS

New York. July 15.-(By A. Ply
Extreme dullness. which was attri-
buted to the season and the current
uncertainty in the business situation,
characterized the chief financial
markets II the past week. Trading
on the New York Stock Exchange
lapsed to the lowest level for the
past year, amounting to only about
100000 shares day. At the same
time, a firmer tone was in evidence,
particularly toward the latter part of
the week. 1t was considered that the
liquidation which preceded the ind
OF the half year had strengthened
the speculative position materially
and that the passage of the July
settlements had removed most of the
necessity, for liquidation. This
steadier tone was apparent in both
stocks and cotton.
Emphasis was also given to the
reassuring character of the British
statement of reparations policy.
Premier Baldwin's speech had been
awaited with some apprehension,
rumors having been circulated to the
effect that break in the entente was
possible. The speech itself was
taken as disposing of these rumors
rather effectively. While the British
premier said little which would in
dictate the details of what his gov
eminent considers a fair settlement,
it was felt that favorable atmos-
phere had been created and that the
reply to Germany is likely to mark
further progress along the road to an
agreement. In any event the mar
-kets showed disposition to rally
after the full statement was publish
Little fresh light was shed on the
nature Of the fall buying movements.
dictate a moderate falling of In acti.
witty. Ingot production In June was
seven per cent below the exceeding
ly high level Of May and a further
loss was looked for in July, the
smaller number Of working days in
the month, the mid-year shutdowns
and the hot weather furnishing the
basis for the expectation. 1t was also
stated that the pressure of untitled
orders has declined materially. Pig
iron prices continued to decline but
those of steel products remained
generally steady.
With the steel industry thus testi-
flying to moderate slackening of
pace, railroad car loadings have set
a new high record for all time. Some
1,022,000 cars of revenue freight were
loaded in. the week ended, June 80,
and this surpasses the performance
the week in October. 1920, when the
previous record was set. Notwith-
standing this heavy traffic. the pro-
Of 1o1 o,,1A hoC
reduced to new low since Decem-
cars in good order has increased to
nearly $4,000. These figures were in
terpreted as indicating ample trans
portation facilities during the coming
fall.
Considerable attention was at
tracted by the continued decline in
wheat prices to less than one dol
lar a bushel for the leading futures
at Chicago. Under the circumstances
particular attention attached to the
publication of the report of the farm
products situation prepared by a
committee of experts at the direction
of the Department Of Agriculture.
This report took the ground that
Europe's purchasing power is like
iy to be smaller. Under the circum-
stances the committee recommends
reduction in American production.
That the foreign situation has ac-
tually affected the price of wheat Is
the opinion held in financial circles
1t is pointed out that this springs
depreciation of the exchanges, which
resulted from the Ruhr occupation,
has not only reduced Europe's pur-
chasing power. but has made neces-
sary readjustment of American
prices to those existing in the world
market.