The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-14
steel INDUSTRY
BEING WATCHED
Eyes Of Business Also
Take In Curtailment By
Auto Factories

NEW YORK, April 13.-Conditions
in the steel and automobile industries
continued to command large share
of attention in business and financial
quarters last week.
Reports of further curtailments by
some automobile manufacturers had
disturbing effect, particularly as these
reports were accompanied by strong
attacks on motor shares: Trade OBJ
servers contended, however, that these
curtailments were exceptional and were
made by smaller companies whose COM
petitive position was not strong. They
refused to believe the industry as a
whole was in otherwise than n sound
condition.
Reports from the steel industry
showed that March production set a
the slackening in buying which started
during the last ten days of the month
had continued. Under these circum-
stances competition was stronger and
the market for steel products remained
rather weak. Production is expected
to decline slightly.
A decrease of 10000 tons in the
United States Steel corporations I'M
filled orders was in line with expecta-
tions. 1t was pointed out that the
decrease was natural result of the
exceptionally heavy deliveries. made in
March and of the absence of orders for
tin plate and rails and the mills al
ready were booked up on the latter
materials. AS the corporations ship
ments amounted to 80 per cent of ca
pacity, the months bookings were es-
timated at Sc per cent, or the largest
in two years except for January and
February.
Buying Movements Short
One explanation offered for the con-
dition of the steel market was that the
unusual speed and efficiency with
which factories and railroads are op-
Grating permitted a large volume of
orders to be filled quickly, the result
being short buying movements. Al
though under these circumstances pro-
duction can squirt beyond consumption
for time, the readiustment comes
quickly and embarrassing stocks of ma
terials are not accumulated. Consump-
ton of steel products is believed to be
holding up well.
Weekly car loadings figures the i'm
preston that distribution and consump-
ton of goods was active. The total
number of cars loaded in the week
ended March 20 was 907 900. slightly
smaller than, for the preceding week
and below the total for the same week
| year ago. The declines were attrib-
uted, however, to the drop in coal
loadings, itself an aftermath of the sit
uation created by the prospect of a
! coal strike earlier in tn var. Load
ings of general merchandise and less
| than carload lots set a new high for
the week.
Cotton Shows Strength
Strength continued in the cotton
market and was reinforced by what ap-
peared to be a turn for the better in
the cloth market. May futures rose to
a high of 31.95 cents, or nearly 51h
| cents above the low of two weeks ago
Better trade buying at home an6
| abroad helped to create a. shortage Of
contracts and contributed to the EN-
| barrassment of the shorts. The latter
discovered they had sold heavily in 6
well liquidated market.
Bankers received the Dawes report
in a friendly and appreciative manner
The quick acceptance by the repara.
tions committee was considered a good
point, but it was realized that time
would be required to determine the at.
titudes of the various governments. II
was pointed out that whole-hearted ac-
ceptance by Germany was essential for
success and that if Germany does not
accept willingly and in good faith the
flotation of an international loan hard
ly would be possible.