Norwich bulletin., 1922-06-26
Review of
 Business Conditions
New England, Textile Mills Are Operating at a Com parativeIy Low Rate.

New York, June 25 (By the A. P.).-- Notwithstanding the uncertainties com prised in the several labor disputes and the impending reductions in railroad freight rates, industry maintained its gains during the past week.
 Steel mills continued 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 course of prices is rendered uncertain by such factors as the change i'll railroad rates. the coal strike, the pos sibility of higher labor costs, and the character of the autumn demand for steel
 Impressive gains were shown by the latest railroad car loading figures-those for the week ending June To- Although coal shipments, which have been gaining, still amounted to only 95.000 cars as com pared with POS. 900 cars in the week be- fore the strike started. the volume of other freight increased sufficiently to bring total 1oadings up to S46,0 ,000 cars. This figure equals that recorded in the week before the strike began, which is, incidentally, the high record for the year.
 A number of well-posted observers in clined to the view that a crisis in the soft coal strike is approaching. Stocks are being drawn down and the lower freight rates on July are expected to stimulate demand. In any event, the pressure for added production appeared to be growing, a circumstance which favored 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 a com paratiyely low rate.
 Opinions as to the likelihood of a rail-
 road strike continue to be divied The roads still profess to regard such an event as unlikely. and it is pointed out that there has been some slowness in the balloting. Union officials insist however that the vote will favoc walkout and
 that one will be ordered. Nothing definite has developed to indicate whether the | train service employees would declare 2 sympathetic strike if the staff employe: who are concerned in the present series o wage cuts should go out
 Crop products remained somewhat un certain, but good yield of wheat and { i sub-normal cotton crop are still probabili ties. Some claims of winter wheat de terioration on account of hot dry weather i in the northwest have been made, anC 1 prices have rallied about five cents abov, tHe recent 4oW, put lne greater HFnneSS attributed to the technical position of tn market rather than to any materia l change in crop prospects. Persistent we 1 weather in the south led to higher cottol 1 prices early in the week After tn weather cleared. however, the fresh ad vance was cancelled
 Reduction of the rediscount rate of tn i Federal Reserve bank at New York to
 4 per cent. basis offered fresh support fo i the view that no early hardening il
 money rates is likely, Rates for the vari
 ous forms of credit are now at their lov 1 point of the year With reserves at high level, with the demand for accom-
 mediation light. and with a moderat l trade revival rather than boom in pros
 pect the reserve bank authorities evi dentiy anticipate no real strain on credi l facilities during the next few months