Norwich bulletin., 1922-07-24
Strikes are Serious
 Deterrent Business
Railroad Strike Has Caused a Further Important Loss in Coal Production Car Shortage.

New York, July B (By the A. P)- Signs were not wanting in the, country's s markets during the past week that the coal and railroad strikes have begun to impose an appreciable check on the rates of industrial activity. Oddly enough 1t is the .shopmens g strike, which l has been considered relatively, unin- portant as an immediate disturbing fac tor, that has caused a further important 1 loss in coal production. Serious conges- tion on, the roads conveying coal from the non-union fields in West idginia and l Kentucky to the steel works in the l Pittsburgh and Ohio districts has cut i the total amount of coal mined in the country from Approximately 5.250, ,0UO I tons week before the July holidays to 1 only about 10000 tons. The opinion
 is held, furthermore that with car | shortage such factor, any major gains 1 h mining in accordance with the pres l ldent's invitation will be difficult as
 long as the railroad strike persists l What may be accomplished, accordina 1 to the view held in some quarters is a 1 certain gain in output in Pennsylvania
 and Ohio which would ease the strain on the more southerly mines and per. l haps permit the diversion of some oi i their coal to coast points
 In the steel industry, 1t is estimated l that ingot production has been reduced
 about five per cent, which puts the in dustry on something like a 70 per cen of capacity basis. Judges consider. how ever, that the loss may reach ten pel cent by the end of the month unless tht situation changes radically. Ohio plant
 have suffered worse than those arounc | Pittsburgh, a considerable number O l blast furnaces having been banked il | T2IIxy
 ducts for future delivery meanwhile ha
 been falling of, consumers being dis couraged by the uncertainties regardin, costs and market conditions Thos
 who have steel products in the proces of manufacture are, on the other hand making vigorous efforts to expedite de liveries.
 I Car loading statistics also reveal tn effects of the walk-out. Thus the tota cars loaded during the week ended Jul
 3 amounted to 71s 900 cars as compare with S77,000 cars in the previous week
 The decline is partly accounted for b 4 the holiday but the total loaded is g. .oo cars less than in the week which includ ed the May 30 holiday. A part of tn
 general slachening of activity might b
 explained on the basis of the mid-surn
 mer season; it is quite clear, however
 that the strikes are becoming seriou T factors in business affairs.
 The markets for agricultural product continue to he quiet affairs. influence by the day to day changes in the wes
 ther reports With the pr,ce of whea
 below one dollar a bushel at prinar
 points, farmers are moving their graf
 slowly but this restriction of supply finding an offset in meagre export bus ness. Crop prospects remain unchanget , with cot-7n traders still waiting to SC what "a >>se the weevil will accou : plish
 Renewed ease in money meanwhi has been keeping the security market firm, bond prices rehecting the greate , supply of idle funds with a rather vigol ! ous advance Four per cent has no been established as the ruling rate c the best grades of commercial paper, 5 considerable volume of time money hs , been lent at 3 3-4 per cent and banker
 acceptances eligible for redsscount z the federal reserve bank nave touche a new in relaxing, even though tempo arily to a 2 7-S and per cent basi ] Such a further slight easing was pc p haps to be anticipated during the midd T of the summer. With the revival havir
 as yet made no appreeiable ne
 demands on the banks however, ar
 with the strikes restricting business ar s Great Britain shipping gold i'll this q
 rection, most observers do not considt e any tightening in the mor,sy market f be imminent.