Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-12-01
BUSINESS and
MONEY MARKETS
SOUND PAST WEEK

New York, Nov. 3O.-(By A. Ply
Continued advance in the stock mar
ket, although at a reduced pace, fur
ther ease In gildedge bonds. slight |
ly firmer money and steadiness IN
commodities were the principal
characteristics of the past financial
week.
Although there was tendency in
some quarters to feel that the stock
market might be in a fair way to
over discount the improvement ex-
pected in general business, the in
dustrial news of the week was en-
couraging. Thus, the steel industry
reported a considerable increase in
buying activity. Orders recently
placed. for the most part, however,
were for early delivery. This was
interpreted to mean that the better
demand for steel at present reflects a
desire OF consumers to get under The
any marked increase in actual col
sumption.
From the producers standpoint.
the squirt In buying was doubly signi-
ficant. 1t meant that in season
WIlck utIIittutt lly iSil olL ahN
the rate of i'll operations was reduc-
ed, steel companies were assured of
q fair volume of work for the re-
mainder of the year. More import
ant, perhaps. was the implied recog-
milton on the part of consumers that
steel prices for the first quarter at
least probably would be higher. The
long decline during the summer and
fall had, brought selling pressure 20
a point which meant Improbable
operations for many companies, as
was shown by the third quarter earn
ings statements. This stimulated the
producers in their efforts to get II
better price, and the greater confi-
dence in business which followed tic
election has led consumers to aban-
don ideas that they might get their
steels cheaper later on. Steel mill
operations, meanwhile. have increas
ed from around to per cent of capa =
city to 20. per cent during the past
week. The railroad situation was a
further encouraging factor in the
business outlook. Confirmation -
row coming to hand of the predic-
tions that the railroads would show
unusually good earnings for october,
during which month loadings OF
freight proceeded at record rate.
Although gross revenues were slight
Nv lower than a year ago, the better
condition of the rolling stock ana
trackage of the carriers bore fruit
in an increase In net operating IN
come.
Last year the roads were, still I'M
prepared TO handle heavy traffic In
the most efficient manner. Conse-
ouently q larger proportion or their
gross earnings had to be expended
on maintenance. This year, now
ever, they have taken care OF ne
freight without car shortage or se"-
:ous congestion. savings in malnten-
ance and :rain operation, theretore'
have resulted in larger net operating
income despite Lowell gross. A com :.
nilatiou of earnings for the first oil
roads to report for October, which
includes the principal class / carriers
shows. sos. 1863. 900 of net, compared
with S0S,l47 900 in September, and
sSa 7ts). 600 in October. 1923. On this
basis net earnings for the month
should total approximately N.l3O.-
600. 600 which is the largest amount
shown since 1918. November car
headings, meanwhile, are showing
loss than the usual seasonal falllns
off, which nugurs we'll for mainten-
ance of fair earnings.
Reports from the agricultural sec
tons of the country agree tnat az
though buying SO far mas no, Iul'y
rejected the increased purchasing
mower. merchants were anticipating
= good holiday trade and were doing
son,e stocking up. Both wheat and
cotton prices meanwhile have heid
remarkably steady.