Daily Kennebec journal., 1925-08-10
Rift Widens Between Hard Coal
Factions as Mine President Lewis
Refuses All Offers of Arbitration
OIL INDUSTRY IS
ONLY ONE TO LAG IN
FIRST WEEK Angus!

New York, Aug. S.-Further ex-
pansion in various lines of trades and
industry were reported during the
first week of August with the excep-
ton of the oil industry, which has
been somewhat unsettled by extern
sive gasoline and crude oil price cuts
and the menace of over production,
particularly all basic lines showed
marked improvement. which is par
ticularly evident in the steel and
copper center. The only cloud on
the business horizon is the threaten
ed suspension of work in the anthra-
cite mines when the present agree
ment expires on September /.
The steady rise in stock prices.
which carried the industrial aver
age to approximately the highest
level on record was generally ac-
cepted as Wall Street expression of
confidence in fall trade. The pros
pect of tax reduction when Con-
gress reconvenes and the somewhat
general disposition of bankers to re-
gard the lowering of the discount
rate of the Bank of England as an
assurance that no immediate in
crease in the New York Federal
Bank rediscount rate was likely be-
cause of the close cooperation be-
tween the two central institutions,
also had heartening effect on busi-
ness men.
The huge total of brokers' loans
ON stock collateral coupled with the
expected increase in the demand for
fund in connection the financing OF
crop movement and expanding Fail
trade had led to fears in some
quarters that a credit stringency
would arise this fall which probably
would result in a material increase
in interest rates.
Commodity prices, showed ris-
ing tendency duIng the week. two
of the closest indices reaching the
highest level attained since the fall
of 1920. Rubber was one of the few
important commodities to show
sharp reduction, due to the lifting of
the restrictions on the raw material
from the Malay states.
Further proof that goods were
volume was furnished by the freight
traffic reports for the week end July
%. the latest available which estab-
lished a new high record for the
year OF !, ,O39, ,603 cars, an increase OF
over $4,000 cars above the previous
record established the week before.
While the largest gain was In coal
loadings, probably because of the
nj dn1i =
ticipation of a suspension in the hard
coal fields, loadings of merchandise
miscellaneous freight and less-than-
carload freight were all well In eX-
cess Of those of the corresponding
weeks of 1924 and 1923.
Business in the steel centers Is re-
ported to be improving with a stlt-
fleming price tendency for many pro-
ducts. The ability of the united
States Steel Corporation to earn
more than S40,000,00O during the
second quarter, despite the drastic
shrinkage in untitled orders was con-
strued as an indication that the IN
dustry was on sound basis. Practl-
cally all the independent steel COM
panies also made a good showing
during the period.
Equipment companies did not rare
so well, the poor showing OF the
American Locomotive Company IN
it's semi-annual report rejecting the
low rate of operations. The grow
ing use Of the motor bus and the
motor truck for short hauls Is pc
lieyed to be indirectly Responsible
for the smaller railroad orders Tor
car and other equipment during the
spring and summer, although bet
ter inquiry is noted for the fall de-
liveries.
Substa ntially higher prices for cop
per were predicted this week by John
d. Ryan, chairman of the Board OF
directors of the Anaconda Copper
Company, upon his return from
Europe. The copper metal con-
sumntion of the world is going on
at a record pace. he said, due to the
tremendous growth of the electrical
industry in all countries OF the
world.