Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-21
Little Change in
Money and Business
Markets Past Week

New York. April 20 (By a. P.)-
Little change was apparent In the
character Of the Industrial reports
which were received IN business and
financial quarters during the last
week. A continuation Of the slight
slackening In steel pro 'uction was
taken as a normal consequence OF
the quieter buying of the last several
weeks. 1t was pointed out however.
that production was still large with
the leading interests working at ap-
proximately 90 per cent Of capacity.
The trade was awaiting Judge
Gary's remarks at the annual meet
ing of the steel corporation and for
the publication OF the first quarterly
| earning statement and the dividend
action which will come next week.
1t was though that the earnings for
the first three months Of the year
would be excellent and that good
business in tho second quarter would
DO forecast.
! Curtailments in the automobile IN
dustry continued to be q subject for
considerable discussion. Conditions
| were decidedly uneven. some COM
panies running nearly full, while
others were on materially reduced
schedules. The larger manufacturers
having made an unusually large
number Of cars during The first quar-
ter Of the year. are better able 70 sat
isfy the spring demand for their
products than formerly was the case.
This result has been O reduced de-
mand for the less popular cars. Sales
to users are stated to compare fav-
| orably with last year and to be in
creasing with the advent Of warmer
weather.
Railroad car loadings showed an
other decrease. but this again was
due principally to the slump IN coal
production and shipment. Bad wen
| ther also has affected the record for
| which figures were available. Chip
ments OF merchandise and less than
car load freight remained. however,
| substantially ahead of the CORES
ponding week in any other year and
were slightly higher than In the pre-
ceding week.
Commodity prices displayed
somewhat frmer tone. The declines
in grain and sugar prices terminated
with fair rallies. Cotton v-:ues gave
way somewhat on profit taking but
recovered well and attained q fair
degree of stability. Cotton consump-
ton statistics for March had COM
paratively little effect on the market.
They showed that curtailment had
continued, but that 1t was not on an
sever scale as had been imagined.
The March takings by the countrys
mills amounted to $4,000 bales, IS
per cent Of that in March year
ago when tho high record for the
postwar period was reached. Stocks
In warehouse and manufacturing es-
adjustments, which amount to
about three months supply at the
March rate OF consumption and ex-
ports, are nearly one million bales
smaller than at this slime last year.
Will the leading European ex-
changes rallying briskly to new high
levels for the year. much encourage
naent was derived from the speedy
acceptance Of the Dawes plan yb the
governments Of the leading European
allies and Of Germany The manifest
desire to press acceptance before the
general elections in France and Ger
many was taken as testimonial on
earnest wish for a general settle
Wsnt by alt the parties 20 the repair
alton dispute.
This was considered indicative Of
improved European morale and Of
desire to clear the way for the ne
gotiation Of the international loan
which the Dawes plan recommends.