Norwich bulletin., 1922-07-17
Strikes Have Halted
 Revival of Business
Steel Industry Fears Car Shortage Production of Coal Shows a Marked De crease.

New York. July 1e.-(By The A. p With the country's two major labor disputes still contributing their elements of uncertainty, business and financial news during the past week suggeet that the trend toward improvement is uninter- rupted. Railroad car loadings for the last week in June were slightly smaller new high record for the year. The loss is accounted for by smaller coal ship ments, the movement of merchandise showing a further gain.
 Indication that better demand for steel products is being maintained were confirmed by the June 30 total of un- filed orders of the U. s. sCteel Corpor- ation. As of the first of the current month, the corporations books show B. 635.oO0 tons of unfinished business, the figure being Ss1 900 tons larger than on May 30 and 1.494. 900 tons above that on February 2S when the low point of the recent depression was made. It is estimated, furthermore, that the June 30 figure means that ne-( business dur ing June amounted to more. than 1,400,- 900 tons. which is a volume exceeding the corporations monthly lt-oduction capacity. At present steel output is ex- Periencing a mild check on account of the railroad strike, the Steel Corpora tion's rate of orErations having been reduced from TT per cent. to 75 per cent. Meanwhile the trade has de ve,oped certain amount of anxiety over a possible care shortage this falK pointing out that the increase in new business which would accompany term ination of the strike would coincide with the active period of crop movement
 Coal production for the week ending Tt,1x, o1h1 orl-o 10 falling off hardly reflects the general trend of things, however, as aside from the coal strike, the output was affected by the July 4 holiday. The loss of ap- proximateiy 100000 tons from the low production of recent weeks nevertheless served to intensity the drain on existing stocks. Quick settiemen of the strike seill seems unlikely, both operators and miners showing little disposition to agree to a temporary resumption of mining at the old wage scale.
 Crop prospects are practically un- changed: The department of agriculture's grain estimate as of July 1 indicates a fair yield, The winter wheat crop is placed at 569 900 o00 bushels below last years crop, but the spring wheat out look is enogh better to bring the total of both crops u7 to S17000 900 bushels This total is 2121.0o0 GOO bushels more than last years it. is smaller than ir four of the past eight years and larger than in the other four 4 fair crop ot corn is also in prospect. With prizes l little changed, the present grain cror promises to be sufficiently good to in. sure the continuation of a revival in gen. ersl business.
 The weeks developments in the mon l ey market were quite consistent witt expectations Following the holiday,
 there was a shrinkage in the volume O federal reserve note currency, which,
 along with a gain in reserve. brought recovery in the reserve ratio of the com bined federal reserve system. At tn,
 same time the rate on call money oi 1 the stock exchange relaxed further an,
 in touching 24 per cent. reached tn,
 previous low record for the year Rate for the various forms of money are l accordingly at low levels of the presen cycle, and the question remains as t, l whether or not the money market ha l quite touhed bottom.