Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-07-31
BUSINESS is
CONTINGENT ON
STR|KEPARLEyS
Setback Can Be Avert
ed by Immediate
Settlements
Steel Industry Hit Hardest
Past Week Gain in Car
Loadings - Coal Production
Smallest for any Week in
Recent Years-Crops Profits
Continue Good

New York, July 30-Uy y. PO-
Although the check to the country's
business recently imposed by the
strikes grew during the past week,
the curtailmcnt is not yet large and
definite set back to the industrial
revival is not yet a probability. The
steel industry, which has been opcrat-
ing at a comparatively high rate, APP
pears to be the chief sufferer. Here
the loss of production is something
like ten per cent.
This industry. too, has been con-
siderably upset over the possible eff
tccts of the priOritics established with
regard TO coal distribution.
The trade realizes that its position
ing the war. Second thoughts on
prlorities have, however, been more
rcassuring. 1t is realized that dis
locations in the existing situation are
not likely 10 be rs severe as at first
SurmiScd. and that the general effect
of priOritics should I've a reduction in
congestion and gain in coal out
put.
Car loading figures meanwhile have
been rcassuring. The total number
for the week ending July 10 is SCI 900
which represents a recovery of 49,
600 as compared with the previous
holiday week. The total is within
1900 Of the high record for the year.
Exclusive Of coal, loadings were close
70 tho highr ecord for all time. II
may lie seen therefor. that general
business 50 far has suffered relatively
slightly.
Coal projection on tho other hand.
remains poor. The Geological Sur
vcy's estimate for the week ended
July - amounted to only 3.G0O0O0
tons, or practically the smallest total
for any week in recent years. Rail-
road congestion was again the causc
of the oss output. In this Conncc-
ton tn" carriers claimed that the
start Of the past week showed a con-
siderable gain in coal loadings, hut
pending publication of returns for tho
entire week it is difficult to say how
important the gain may be.
some resumption of mining in the
littsburg district is reported. and if is
lntImatcd that actual output for the
past week may come up to 5000 600
tons. This level, however. is sim
some 100000 tons below thot
reached during June and any import :
ant gain is considered doubtful INIT,
railroad congestion is materially rc-
licvcd
WIN regard TO the strikes them
selves, financial circles showed great :
err optimism. Chances for an carly
settlement the Chopmcn's wallout
"ef" considered good, while the at
mosPhercs surrounding the ccal strike
negotiations was thought to be i'm
proved. 1t was pointed out that an
agreement with tho shupmcn vouIa
he lIkclN 10 hasten an end of the coal
strik" and that affairs are now rcooh-
ihE stag" at which MI parties con-
f'fn"d arc becoming Increasingly
'hN'"ns Tor resumption of actiyit,t
~ we commodity markets good cx-
port huNing barely held wheat prices
AGAINST hedge and short selling
Weather conditions continued favor
Ahlc. ana ,hcro was no aprrrcIoh,e
'hahEe IN crop prospects C0ttn,
p'l''S gave way somewhat before
liquidation IN anticipation Of the gov
cfnmcnt's August cror rcport
witch Is expected to show an in
cioas" over the previous months os.
innate. The market stcadicd. how
ever h'fnrc the close az tho week
WAN thc reserve ratio II the cam.
'''e" itdtial reserve system nj =
new A'rh record of 70 per cent Won
'h'"' m'h Observers anticipate no ca,lv
'hahEc In monetary conditions INC
gam IN ratio IS partly ducto iuport,-
mons 81 British gold. but Commrrc,,,
demands for credit remain rrh, ,,a
mo gold imroits arc expected t. ,n,-
hhn'. The strikes. Furthermore. ma
"'''"E ~ curb on potential trade
demands for accommodations.