Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-10-13
Markets Indicate
Continued Trend
Toward Better Times

New York. Oct. 1c-(By A. P.)-
Industrial reports received in finan-
ciai quarters last week have been
encouraging. Steel ingot production,
which rose 36 per cent in August,
/ increased another II per cent in Sep
TENDER. These increases brought the
rate ol 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 to than
W. per cent of capacity. 1t has been
held that the rate was betwn 50
and w per cent. Meanwhile the
United States Steel Corporation tab
ulation of untitled orders as of Sep.
TENDER 80 revealed an increase of
$4,000 tons. This followed an in
crease In August that terminated the
late spring and summer decline, AS
the corporation has been operating
at a higher rate than the independ-
ents. Il is inferred that it's bookings
during September must have been
on fairly liberal scale. Buying by
railroad and Cal manufacturers and
can makers was good.
Another gain in car loadings
brought the 'ctal in the week ended
Scp'ember ~ up to LOST 900. a new
high record for the year. This fig
ure Is. in fact, only 10000 below that
for the corresponding week last
year, when the peak for all time
was reached. Loadings of grain.
berchandise and less than carload
freight and of miscellaneous freight
were the largest in history.
Heavy grain shipments, which re-
fleet free selling by farmers, have
not been made. however. 1.-THE ex-
pense of prices. which have con-
tinued to fuctuate around the levels
OF she year. with December wheat
commanding about $3.50. This has
occurred despite the fact that the
department OF agriculture raised its
estimate Of the domestic crop to $751;
OV9,OD bushels. The grain growers
apparently are to have the combi-
nation OF good crops and good prices,
circumstance that Is interpreted
farorably' with regard to the pros
poets for general business.
In the cotton market a govern.
ment crop estimate that predicted
a Yield of 12,409,OO0 bales. disclosed
the fact that the commodity had
been overbought OF exaggerated
ideas Of the reduction official fig
ures would show, which the trade
thought would be about 1890, 900
bales. When 1t turned out to be less
than 10000 bales smaller than that
gwen in che preceding government
estimate, heavy liquidation devei-
oped. The price Of the commodity.
which had risen nearly FIVE cents
after the previous estimate, dropped
lack about two cents.
Experienced observers pointed out ..
that material change might still
occur before the size OF the ultimate
WELD. was determined but expressed
belief that an adequate supply OF /,
cotton was IN sight
Relaxing partially from the mild
October rise, the money market ad-
1rsfed itself to q condition 81 which |
me call money rate on the exchange |
held steady at . 1-2 per cent. This |,
is half q per cent above the low rate |
that prevailed during the summer. |
The other forms Of money acted |
The Federal Reserve banks again |
were heavy buyers Of bills In the |
open market.
Speculation over the nature of the !
impending German loan occupied a |
large share Of attention in the finan- /
cial district. Wall Streets biggest
fankerS regard the loan a. a tho. /
roughly constructive operation whose
success viii speed the recovery OF /
Europe and the restoration Of world l
prosperity.