Evening star., 1924-04-14
MARKET SCANNING
STEEL AND MOTORS
Conditions in These Issues Past
Week Command Large Share
of Attention.
Ry the Associated rress.

BY the Associated Press.
NEW YORK, April 14.-Conditions
in the steel and automobile industries
continued to command a large share
of attention in business and financial
quarters last week.
Reports of further curtaiIments by
some automobile manufacturers had a
disturbing effect, particularly as
these reports were accompanied by
strong attacks on motor shares.
Trade observers contended, however,
that these curtailments were excep-
tional and were made by smaller COM
panies whose competitive position
was not strong. They refused to
believe the industry as a whole was
in otherwise than a sound condi-
tion.
New High Record in Steel.
Reports from the steel industry
showed that March production set a
new high record for all time, but
that the slackening in buying which
started during the last ten days OF
the month had continued. Under
these circumstances competition was
stronger and the market for steel
products remained rather weak. Pro-
duction is expected to decline slightly
A decrease of 10000 tons in the
United States Steel Corporations un-
filled orders was in line with ex-
pectation. 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, as the
mills already were booked up on the
latter materials. AS the corporation S
shipments amounted to 95 per cent of
capacity, the months bookings were
estimated at Sc per cent, or the larg-
est in two years except for January
and February.
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
production can squirt beyond con-
ment comes quickly and embarrassing
stocks of materials are not accumu-
lated. Consumption of steel prod
ucts is believed to be holding up we'll
Weeks Carioadings n Factor.
Weekly carloading figures confirm
ed the impression that distribution
and consumption of goods was active
the week ended March % was 907, 900
Slightly smaller than for the preced-
ing week and below the total for the
same week Il year ago.
The declines were attributed, how
ever, to the drop in coal loadings, it
self an aftermath of the situation
created by the prospect of a coal
strike earlier in the year. Loadings
of general merchandise and less than
carload lots set a new high for the
week.
Strength continued in the cotton
market and was re-enforced by what
appeared to be a turn for the better
in the cloth market The May future
rose to a high of 31.95 cents, or nearly
5 Z cents above the low of two weeks
ago. Better trade buying at home
and abroad helped to create a short
age of contracts and contributed to
the embarrassment of the shorts. The
latter discovered they had sold heavily
in a well-liquidated market.
Bankers received the Dawes report
in a friendly and appreciative man
ner. The quick acceptance by the
rep2rations committee was considered
q good point. but it was realized that
time would be required to determine e
the attitudes of the various govern
ments involved. 1t was pointed out
that whole-hearted acceptance by
Germany was essential for success
and that if Germany does not accept
willingly and in good faith the f1ota-
would be possible.