The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-07-24
STRIKES CLOG
NATIONS WHEELS

ing IN the counyEyS mafkets during
the past week that athe4d bal and rail
road strikes have begun 10 impose an
appreciable check on the rates of in
dustrial activity. Oddly Enough it is
the shipments strike, wttah has been
considered. relatively uhllportant as
an immediate disturbing Hactor, that
has caused q further infportant loss
in coal production. Stg
Serious congestion -onIE the roads
conveying coal frop TIE non-union
fields in West Virginia apd Kentucky
to the steel works in TIE, Pittsburg
and Ohio, districts has dit the total
amount of coal mined infthe country
from approximately 5,25b, 900 tons a
week before the July holidays to only
about 1000, 600 tons. The opinion
is held, furthermore, that with a car
shortage such g., factor any major
gains in mining In ace6rdance with
the presidents invitation will be diff
ficult as long as the railroad strike
persists. What may be accepted, ac-
tording to; the view OIL some, is a
certain gain in output i'm Pennsyl-
yania and Ohio which would ease the.
strain, on the more southerly mines
and. perhaps permit the Inversion of
some of their coal to coast points.
In the steel industry It is estimated
that ingot production has n re-
duced by about s per cent, wh,- puts
the industry on something like 70
per cent of capacity basis. Good
judges consider, however, that the
loss may reach 10 per cent by the
end of the, month unless sthe situation
changes radically. Ohio splants have
suffered worse than those around
Pittsburg, considerable number of
blast furnaces having been banked
In the former state. Buying of steel
products for. future delivery mean
while has been falling or. consumers
being discouraged by tie uncertain
ties regarding market conditions
Those who have steel products in the
process of manufacture are, on the
other hand, making vigorous. effoffrts
to expedite deliveries
Car loading ststistics also revea
the effects of the mklkout, Thus
the total cars loaded dGtahe the weel
eHding July g affi6hlif 7a2;A0,
cars as compared with S77 900 cars il
the previous week. The decline il
partly accounted for by the holida!
but the total is $4,000 less than in th'
week which included the May 80 holi
day.
The markets for agricultural pro
ducts continue to be quiet affairs, in
fluenced by day-to-day changes in tht
weather reports. With the price O.
wheat below 81 bushel at primar!
points, farmers are moving thei
grain slowly but this restriction o
supply is finding an offset in meagr'
export business.
Renewed ease in money meanwhil
has been keeping the security mar
kets firm, bond prices rejecting tn
greater supply of idle funds with
rather vigorous advance. Four pc
cent has now been established as tin
ruling rate on the best grades of com
mercial paper, considerable volum
of time money has been lent at 8 g.
per cent, and bankers acceptance
eligible for rediscount at the fedora
reserve bank have touched new loy
price in relaxing even though tenn
porarily to 27-S and 3 per cen
basis. Such further slight easin'
Twas, perhaps to be anticipated durin'
the middle of the summer. With tn
revival having as yet made no appre
ciable new demands on the banks
however, and with the strikes re
stricting business and great Britai
shipping gold in this direction mos
observers do not consider any tight
ening in the money market TO b
imminent.