The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-10-13
STEEL MAKERS
REPORT BOOST
OF Il PER CENT
Estimated Production Set
At Sixty-Five Per
Cent Capacity
tBy Associated Press }

NEW YORK, Oct. 12.--Indastrlai
reports received in financial quarters
last week have been encouraging. Steel
;ngot production. which rose 36 per
cent in August, increased another IL
per cent i'm September. These increases
brought the rate 81 per cent above the
low figure recorded in July.
On the basis of the latest figures.
the trade was inclined to believe that
the country's steel mills were now
operating at rate closer to sixty-fiye
than sixty per cent of capacity. 1t
previously held that the rate was be-
tween fifty-five and sixty per cent.
Meanwhile the L. s. Steel corpora
tons tabulation of untitled orders as of
September 80, revealed an increase of
1S4. 900 tons. This followed an increase
in August that terminated the late
spring and summer decline. As the
corporation has been operating at n
higher rate than the independents, it is
inferred that its bookings during Sep
TENDER must have been on fairly
liberal scale. Buying by railroad and
car manufacturers and can makers was
good
Car Loadings Increase
Another gain in car loadings brought
the total in the week ended September
20 up to 1,0S7 900, n new high rec
ord for the year. This figure is, in fact,
only ten thousand below that for the
corresponding week last year. when the
peak for all time was reached. Load
ings of grain. merchandise and less
than car load freight and of miscel-
laneous freight were the largest in his.
tory.
Heavy grain shipments. which re.
Elected free selling by farmers, have
not been>pade, however, ut the expense
of prices, which have continued to
fluctuate around the best levels of the
year, with December wheat command
ing about $3.50. This has occurred dc.
spite the fact that the Department OF
Agriculture raised its estimate of the
domestic crop to 500 000, 600 bushels
The grain growers, apparently, are to
have the combination of good crops
and good prices, circumstance that
is interpreted faVorably with regard
to the prospects for general business.
In the cotton market a government
crop estimate that predicted a yield 0i
100000 bales, disclosed the fact that
the commodity has been over bought
on exaggerated ideas OF the reduction
official figures would show, which the
trade thought would be- about 12,300.,
600 bales. When it turned out to less
than 100000 bales smaller than that
given in the preceding government esti.
mate, heavy liquidation developed. The
price of the commodity, which had
risen nearly five cents after III,
previous estimate, dropped back about
two cents.
Foresee Adequate Supply /,
Experienced observers pointed out
that material change might still occur
before the size of the ultimate yield
was determined, but expressed belief
that an adquate supply of cotton was
in sight
Relaxing partially from the mild
October ] rise, the money market adj
justed itself TO a condition in which the
call money rate on the exchange held
steady at 2 142 per cent This is half
a per cent above the low rate that
prevailed during the summer. The other
forms of money acted similarly.
The Federal Reserve banks again
were heavy buyers of bills In the open
market.
Speculation over the nature Of the
impending German loan occupied large
share of attention in the financial dis
trict. Wall Streets biggest bankers re-
garded the loan as thoroughly CON
structiye operation whose success will
speed the recovery of Europe and the
restoration of world prosperity.