Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-14
GREEKS VOTE FOR REPUBLIC
LITTLE WORRY OVER
CUTS IN AUTO and
STEEL INDUSTRIES

New York. April 13.-(By A. Ply
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 curtailments by
some automobile manufacturers had a
disturbing effect. particularly as these
reports were accompanied by strong at
tacks on motor shares. Trade obsery-
ers conteneded, however, that these
curtallments were exceptional and were
made by smaller companies whose
competitive position was not strong.
Ihey refused to believe the industry
as a whole was in otherwise than a
sound condition,
Reports from the steel industry
showed that March production set a
new high record for all time, but that
the slackening in buying which start
ed during the last 10 days Of the
month"; had continued. Under these
circumstances competition was strong
or and the market for steel products
remained rather weak. Production is
expected to decline slightly.
A decrease Of 10000 tons in the
United States Steel Corporations I'M
nlled orders was in line with expecta-
tons. 1t was pointed out that the
decrease was natural result Of the
exceptionally heavy deliveries made in
March and of the absence Of orders
Tor tin plate and rails, as the mills al
ready were booked up on the latter ma
terials. AS the corporations shipments
amounted to IS per cent. of capacity.
the months bookings were estimated
at &c per cent, or the largest in two
years except for January and Febru-
airy.
One explanation offered for the con-
dition of the steel market was that
the unusual speed and efficiency with
which factories and railroads are OBJ
Grating permitted large volume of
orGerE to be filled quickly, the result
being short buying movements. AL
though under these circumstances pro-
duction can squirt beyond consump-
tion fr time, the readjustment comes
quickly and embarrassing stocks of
materials are not accumulated. Con-
sumption Of steel products is believed
to be holding up we'll.
Weekly car loading figures confirm
ed the impression that distribution and
consumption Of goods was active. The
total number of cars loaded in the
week ended March 20 was 9O7, 600
slightly smaller than for the preceding
week and below the total for the same
week year ago. The declines were at
tributed. however. to the drop in coal
1oadings. itself an aftermath of the
situation created by the prospect of a
coal strike earlier. in the year. Load
tngs of general merchandise and less
than carload lots set new high for
the week. --'- s~.r
Strength continued in the cotton
market and was reinforced by what
appeared to be a turn for the better
in the cloth market. The May future
rose to n high of 31.95 cents or nearly
81 cents above the low Of two weeks
ago. Better trade buying at home and
abroad helped to create a shortage Of
contracts and contributed to the en-
barrassment of the shorts. The latter
discovered they had sold heavily in
well-liquidated market.
Bankers received the Dawes report
In friendly and appreciative manner
The quick acceptance by the repara-
lions commission was considered
good point. but 1t was realized that
time would be required to determine
the attitudes Of the various govern
ments involved. 1t was pointed out
that wholehearted acceptance by Ger
many was essential for success and
that If Germany does not accept will
ingly and in good faith the fiotation
Of an international loan hardly would
be possible.