Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-06-04

New York. June 3.-~(By A. p
With the domestic markets somewhat
restrained by the holiday and lack
of speculative enterprise, more than
the usual attention was paid in fin
ancial quarters durinfi the last week
to foreign developments.
Renewed weakness in the German
mark was perhaps the most specta-
cular feature, fresh selling abroad
carrying the the quotation down to
new 10 wrecord Of .0012 1-2 of a
cent In most quarters this was TAX
en- as indicating that Germany is
nearing the end of hen financial re-
sources, a conclusion, confirmed by
reports that she has suspended pur-
chaSeS of Argentine wheat.
There was a disposition however,
to take the collapse philosophically,
or even cheerfully. 1t was pointed out
that such result is the inevitable
sequel to the inflationary policy
which has been followed, some OBJ
servers taking the position that tie
sooner this is recognized the bet
ter.
Meanwhile it appeared that the
markets for agricultural products
again felt the effect of the dispute
over the Ruhr Cessation of Ger
man buying of Argentine wheat was
credited with affecting the value of
the Argentine pesco and it was
pointed out that the distinct weak
ness in our own wheat market doubt
less was more than. a coincidence.
July wheat broke ten cents below the
high of the previous week, touch =
ing S1.0S Ia, but closed somewhat
better in the neighborhood of Sl.l0.
While better wheat reports played a
part in the decline, and the govern
ment restrictions on speculative
trading came in for some blame, i'm
paired foreign purchasing power
also was cited as a principal bearish
factor.
Although it was believed that the
Ruhr difficulty is approaching a
crisis, it was maintained in we'll
posted quarters that the general sit
| uation in Europe gradually is i'm
proving. The confirmation of this
opinion 1t was emphasized that 4
number OF the exchanges of the
smaller European countries such as
Greece and CZecho- Slovakia have
been showing strength and that
lirmness has turned to sterling
In the domestic field reports in
dicated 4 maintenance of high rate
of industrial activity. Car loading
for the week ended May 10, totalled
$4,000 cars, which set a new high
record for the year and for this
season in any year.
The performance is. in fact, lit
tie short Of that achieved last fall
at the height of the crop moving
season.
Nevertheless. the railroads were
able TO report q surplus in the sup
| ply of freight cars for the time since
| last September.
This was taken as indicating that
| the carriers have made great pro-
| Sress in restoring their equipment to
q satisfactory condition as we'll as in
securing deliveries of new equip
ment.
Under the circumstances the April
railroad earning statements were
| considered notable. Net earnings for
the first sixty roads to report equal
led the amount reported for the
| longer month of March.
On this basis it was thought that
better than 6 per cent on valuation
will be shown for April
After quietness and irreEularitv the
chief speculative market became re
dictionary toward the end of the
week. The technical position evil
| IDENTIFY had been rendered less strong
by the recent rallies. At the close
however, the tone was better, sup
| port having appeared after moderate
| reactions. a