Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-02-18
MONEY, BUSINESS
CIRCLES cheerful
DURING PAST WEEK

New York. Feb 11.-(By \. PO-Al-
though the oil Investigations and the
consequent epidemic of gossip finally
made a marked impression on specula-
| tive sentiment and speculative markets
during the past week, optimistic views
with regard to the business situation
| continued to be held in banking and in
dustrial circles. That speculative SEN
timent was in fact affected was album
dainty clear from the uniformity with
| hich securities, cotton and grain re-
acted. Stocks suffered the sharpest
breaks since the current rise started
| in November. Cutton broke through
! the January lows and sold at level
above six cents below the high for the
crop year. and wheat lost approximate
| ~ four cents of its recent SiX-cent rise.
Commodity prices as 4 whole did not,
| However, reverse their upward trend.
Dun's list showed 80 advances as
against 81 declines, while Bradstreets
| list showed 16 advances and IL de-
! clineS.
Industrial news meanwhile was con-
| sidered encouraging. The steel indus
try is operating at rate some per
cent. above the average for last year
and prices continue firm. Pig iron, i'll
| fact, has made a further slight adj
vance. Trade reports say that the adj
ditional production. which is keeping
| the leading companies operating at 80
| per cent. of capacity, is not going into
! stocks but is being consumed.
| Automobile makers also are running
| their plants at an unusually high rate
| and appear TO be quite confident with
! regard to spring business.
Railroad car 1oadings confirm the i'm
| preston of a strong industrial revival.
! Some $50, 600 cars were loaded with
| revenue freight in the week ended
| February =. This represents gain of
| over $4,000 as compared with the pre-
yious week and of 64,500 as compared
with the same week year ago.
| Figures on cotton consumption dur
| ing January proved to be unexpectedly
high but the showing failed to check
| the sharp speculative decline which al
! ready was under way. The months
| talIingS by our mills amounted to 576,-
600 bales as compared with 46l.00o
during December. Exports of the sta
pie We're considerably smaller than in
| December but this decline represents
| merely the normal seasonal slacken-
| ing. The cotton market rallied moder-
ately as the week closed. but traders
| We're lncHncu toward Il waiting attl-
| tude until the trend of things in the
! dry goods market is more clearly de.
fined.
A slight firmng up in the money
| market corrcSpOnded to an expansion
of discounts and circulation at the Fed
crdl Reserve banks. The bank >statc-
ments showed that tho contraction in
credit demands which follows the year
end had ended and suggested that eX-
| randing trade is making greater de
mands for accommodation. Ncverthe-
| less the best judges did not anticipate
any married change in the general
character of the money market.
| Foreign exchange rates were moder-
atcly re&ctionary Sterling suffered
| Slightly on account Of the lockers
| strike and rccessions in francs reflect
| ed Premier Poncare'S difficulties with
| his program for increased taxation.
! Well posted observers were encouraged,
! however, with the evidences Of pro
| grCSS by the committee of experts
! which is studying means for balancing
the German budget and for providing
stable currency.