Norwich bulletin., 1922-10-23
Weekly Review of
 Trade Encouraging
Gain in Prices for Farm Prod ucts Overshadow Other Inn portant Industrial Factors.

New York. Oct. 22-(By the A. P.)- Developments of the past week in in- dustry and finance are encouraging in many respects, wholesale and retail ac- tivity in particauly increased perceptibly. being partly stimulated by the cooler weather Continued strength in prices for farm products, however, overshadows for the moment other important indus trial factors.
 Although cotton growers have sold the staple heavily, excellent buying by t.re foreign and domestic trade has given the market the needed support. A tardy awakening on the part of spinners to the fact that real shortage may have to be faced later on, it is pointed out, is responsible for much of the present ac- tive demand Cotton futures at g cents a pound or better arc selling at the high est levels since the commencement of drastic deaection in 1920. The effect on the souths purchasing power already is apparent.
 Prevailing grain prices also contrast sharply with the recent low levels and with prices of year ago. While fears of war in the Near East gave the mar ket its first impetus, continued strength
 
 in that situation indicate a healthy sta tistical position Reports of shortages abroad have been an important factor in the market of late This has offset heavy marketing of grain which has gone on apace in the face Of shortage of rail road cars With wheat close to sf.15 a [ bushel at Chicago the farmer is getting around stO0 q bushel. while he may raf Gr ure, the fact that he is receiving nearly | twice as much for corn as a year agC and that other farm products have ariser attests the improvement of his position as compared with a year ago. Now tdat fuel supplies arc plentiful and the transportation situation is nc longer n,enacing, sales of finished stee are smaller and the demand for promp delivery is less iasistent TfH industr, has made up all the ground lost in thu late summer and the trend is toward quieter conditions with prices working i lower Operations are being carried ol at rate close to the high for the yea -7j per cent, of capacity. Steel ha piled up at the mills on account of lacl l of transport. but the volume is small a compared with the middle of 1920. Goa i output meanwhile increased somewha during the past week Bituminous coa is being mined at the rate of 100000 tons a week and anthracite production 1 continues at approximately 2,0o0.0c | tons. While total output is perhaps les than required for construction and build | ing up of stocks. danger of sufferin l frep 6 possible shortage has eased. De clining fuel prices indicate the easier sit uation.
 | Car loadings for the week ended Octobe I z. the latest date for which figures ar available, show falling off as compare with the previous week, but are largel l in excess of last year and are close |
 the high record of 1920 Although
 decrease in merchandise and misce laneous loading was largely responsibl i, for the lower total, this does not mea
 slump in business. It indicates rathe
 inability of shippers to obtain cars Id , equipment has not practically disappear ed, and loadings for the current wee are expected to establish a new high r , cord.
 While the federal reserve system 3 weekly statement indicates discountir 7 by interior banks to obtain funds f' 7 the movement of crops bankers repo an increasing supply of money coming
 from the interior to this market. ], seems therefore that there is no inmed ate tightening in the general money si
 uation in prospect. Commercial pap 5 rates show a seasonal tendency to har en.
 Although September trade returns o IT casioned surprise in many quarters whi' U had been predicting flood of imports . beat the new tariff rates. it is point f out that much of this advance import Q ton came in August. As it was, ir
 ports for the month decreased 4O,00t
 900 as compared with the previo n month Exports rose s15,o00.00o, b Q they are still some ss,uo0,ooO below : year ago.