The Birmingham age-herald., 1922-06-26
IN SPITE OF LABOR TROUBLE, INDUSTRY
 MAINTAINS GAINS
Steel Mills Continue to 0per- ate at 75 Per Cent of Nor- maI-TextiIe Workers
 Returning
By Associated Press

New York, June 25.-Notwlthstand- ing the uncertainties comprised in the several labor disputes and the impending reductions In railroad freight rates, industry maintained its gains during the past week.
 Steel mills continue to operate at nearly 75 per cent of capacity and the prices of steel products remained firm. Buying for prompt shipment was stronger than that for future delivery, but this was considered natural by the trade, since the future 2 course of prices is rendered uncer- tain by such factors as the change in railroad rates. the coal strike, the possibility of higher labor costs. and the character of the autumn demand for steel.
 Impressive gains were shown by the latest railroad carloading figures s---those for the week ending June 1o Mlthough coal shipments which have been gaining still amounted to only 96,o00 cars as compared with 20b.000 cars in the week before the BlNikG InG YOkuH6 Ol oLHeI freight increased sufficiently to bring total 1oadings up to B46,00o cars. This figure equals that recorded in the week before the strike began. which Is, incidentally, the high record for the year.
 Crisis Impending
 ..-; A number of we'll posted observers inclined to the view that crisis in the soft coal strike Is approaching. P Stocks are being drawn down and j the lower freight rates July 1 are expected to stimulate demand. In any event, the pressure for added production appeared to be growing, q circumstance which favors the view that the decisive point in the struggle Is impending.
 Reports from New England said that more of the striking textile workers were returning to the mills. The mills appear, however. to be still operating at comparatively low rate.
 Opinions as to the Likelihood of a railroad strike continue to be di- vided. The roads still profess to re- gard such an event as unlikely and 1t is pointed out that there has been some slowness in the balloting. Union officials insist, however that the vots will favor a walkout that one will be ordered. Nothing definite has developed to indicate whether the train service employees would de- clare a sympathetic strike if the staff employees who arc concerned in the present series of wage cuts. should go out.
 Crops Uncertain
 Crop prospects remained somewhat uncertain, but a good yield of wheat and a subnormal cotton crop are stu reported. Some claims of winter wheat deterioration on account of dry weather in the northwest have been made and prices have rallied about 5 cents above the recent low, but the greater firmness is attributed to the technical position of the mar kst ra.' sr than to any material chs- p crop prospects. Persisten. . Set waatber in tho south led to tfRrr eotton prices carly in the ~st ths weather cleared, aov fgr1a advance was can
 fhe rediscount rate ef rlerve bank at New xa ,, pes cent basis offered Ire supper or the view that ..sht easas as 'dening in money ratls ilSel9 Rates for tho va riops serNs of credits are at their lo~ lpirE l fAe year. With re- ser*es A s aSh level with tho de- msue for modation slight and wsf facA8fHte trade revival rather tlas B Arm prospect. the reserve bses antanslt es evidently anticipate n rea{ gtsfIHon credit facilities In tfs neHt Few months.