New Britain herald., 1922-08-21
BUSINESS IS STILL
 HOLDING UP STRONG
No Change in Money Rates During Month, Bank Report Shows

New York, Aug 2i.-Rasie condi, tions have not changed during the last 30 days The normal mid summe, slaekenine Tn business has been les: noticeable than usual despite the fact that the railroad and coal strikes have continued to exert an adverse effect according to the monthly statement or money and markets sent out by the National Bank of Commerce ir New York
 Evidence of the steadiness with which all classes ot goods have been moving Is the fact that carloadings for the month Of July exclusive Of coal, were one-fourth greater than such loadings for July, 99l and lack cd very little Of reaching the total for August, 1920. the highest recorded month for American railroads. Equal ly convincing evidence of the remark able maintenance of business activity is the total of debits 10 individual ac- counts as reported by member banks to the federal reserve board which were l3 per cent higher for the week ending August 2, 1922 than for the corresponding week in 1921.
 On the basis Of freight movements thus far Tn 1922, an unprecedented strain on the capacity Of the railroads seems certain in the autumn as a re- suit Of the expected expansion of busi- ness, the delayed movement of coal and the marketing of large crops. The roads have ordered more than 100 900 cars during the year and have stead fly improved their facilities in other ways but it is nevertheless difficult to see how serious traffic congestion can be avoided
 Wholesale trade in most lines is satisfactory. It is apparent that re- tailers are continuing their policy Of conservative orders, but reports from all parts Of the country indicate that a good autumn business is expected The most recent crop reports, togeth- CT with the fact that aside from men out on strike. there are now fewer un- employed workers in the United States than at any time since the beginning Of the business recession of 1920 am ply justify this expectation
 The iron and steel industry is being increasingly affected by the difficulties arising from the coal and railroad strikes but aside from the effects of the labor situation, the outlook for the industry on the basis of thrilled or ders and other evidences of demand is for stable business to the close Of the year While no marked changes have occurred in conditions in the various divisions of the textile indus try, there has been a gradual recovery ir -tr tions A slightly improved demand for broad silks is in evidence. Opera tions in the boot and shoe industry and other sections of leather manu- factures are expanding The automo- bile and tire industries have not as yet shown as much sea sonal curtail- ment as was expected, The machine tool industry is about holding even and q steady although restricted dsi- tribution Of agricultural implements continues Demand is fair and req sonable activity prevails in many spe- cial lines such as electrical apparatus, 1 household utilities and furniture
 Money Rates
 Aside from temporary fluctuations, | money rates have shown no change during the last 3n days and easy con- ditions prevail in all sections of the money market Prime commercial paper rules at 4 to IA per cent | There is only a very small amount of paper moving and with a few excep- tions buyers are disposed to insist on rates somewhat better than per cent l Demand for country banks is especial ly poor, being less than at the corres- | bonding sea son a year ago Banks in financial centers outside New York | have been buying some paper. but most New York City banks have not yet been active purchasers
 Call money has fuctuated consid- | erably from day to day without any marked general trend, and there has | been no notable change in the volume of loans on stocks and bonds as re- ported to the federal reserve board | either by the banks of New York City | or elsewhere Renewal rate on Aug | ust 5 was BIZ per cent Time money | ruled at per cent for 90 days and | 4 If per cent for four to six months l
 The brokers selling rate on prime | GO to 90 day bankers acceptances is | three per cent, the rate being the i same s 30 days ago. The volume of | transactions is comparatively small |