The Birmingham age-herald., 1924-08-18
IS EASY, MARKETS FIRM,
 SURVEY SHOWS
Mild Improvement. In Steel, While Car Load
 ings Highest Of Year

NEW YORK, Aug 17.-Continued ease in money, firm markets and a maintenance of the slow condition in industry were the features of the week in finance and business. What change there was in the money situation was in the direction of a further cheapening. A limited amount of choice commercial paper sold on a 2% per cent basis at New York Call money in the stock exchange at that center continued to lend at 2 per cent and was available iIi the "outside market" at 215.
 The behavior of the money market was quite consistent with the latest federal reserve bank statements. For tine system as a whole, discounts con tinued to shrink, while the reserve banks still made efforts to keep up the total of their earning assets by buying short-term government papers. As circulation was lower and reserves, chiefly of gold, increased, it is quite evident that any added demands for accommodations for commercial pur- poses are not sufficiently large to off set the continued imports.
 Steel Shows Gain.
 Reports from the steel industry showed that the mild improvement that developed within the past few weeks has been continued. Production of steel for the country as a whole, is now stated to be at. nearer fifty than forty five per cent of capacity. Pig iron prices are firmer. Those of steel prod ucts, however, still are somewhat heavy. Desirable pieces of business still bring concessions from the manufac- turers.
 The condition of the steel industry is fair criterion of activity in it's con tributory industries. There is some pick up here and there; but no emphatic turn for the better. Some automobile makers are running at satisfactory rates, but others are finding demand disappointingly small. Altogether the betterment in this direction is a small one.
 Car Loadings Jump.
 An encouraging feature of the week was furnished by the statistics of car loading for the week ending August ?. The total of 945, 731 is the highest rec ord for the previous seven days. The gain is due partly to the heavier ship ments of grain that have come because of the harvesting season and the bet ter prices that the various grains now command. The latest total is only Sh per cent below that for the correspond ing week of last year. During recent weeks the comparable figure has been about Il per cent.
 In general, the higher prices for farm products were maintained. Corn was, particularly strong and reached new high levels with September up to S1.21. Wheat remained within few cents of the years best prices despite the indications of larger domestic yields.
 Cotton Price Reacts.
 Reports of rain in the southwest, coupled with realizations that the crop in Texas has made good progress, brought reactions in cotton prices. Nevertheless, it is pointed out that eheaper- cotton is one of the chief necessities of the present situation The extreme stagnation of the textile industry is caused by the fact that the high prices for raw materials compel prices for finished products that are not acceptable to consumers.
 How great the curtailment has been in the cotton industry is shown by the census bureaus report on domestic con sumption during July. Only 346,671 haIes were used by the country's mills. This is approximately 116,000 bales less than were consumed in July of last wear. It is the smallest total for any July since the war began and is the smallest monthly figures since Decem" Der, 1920.
 Continuance of strength in the for eign exchanges has left the pound sterling in the neighborhood of a:55 and the French franc at about 59s cents. The progress achieved at the London reparations conference and the fact that the New York money mar ket is now about 1 per cent below that at London are considered to be respon- sible for recent advances.
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