The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1922-06-28
INDUSTRY HOLDS
RECENT ADVANCE
OPINION AS TO LIKELIHOOD
OF RAILROAD STRIKE RE-
MAINS DIVIDED AS VOTING
GOES ON-STEEL PRICES
FIRM

New York, June 27.-Notwith-
standing the uncertainties COM
prised in the several labor disputes
and the impending reductions in
railroad freight rates., industry
maintained it's gains during the
past week.
Steel mills continued to operate
at nearly rs per cent of capacity
and the prices Of steel products re-
manned 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 in railroad rates, the
coal strike, the possibility Of higher
labor costs, and the character OF
the autumn demand for steel. I'M
pressive gains were shown by the
latest railroad carloading figures;
those for the week ending June 10.
Although coal shipments which
have been gaining, still amounted
to only $4,000 cars, as compared
with 205,O0 cars in the week be
fore the strike started, the volume
of other freight increased sutfi-
| GENTLY to bring total loadings up to
SAC, 900 cars. This figure equals
that recorded in the week before
the strike began, which is, Incl
dentally the high record for the
year.
A number of we'll posted observ-
ers inclined to the view that a
! crisis in the soft coal strike is ap-
| preaching. Stocks are being drawn
down and the lower freight rates
on July 1 are expected to stimulate
demand. In any event the pres
sure for added production which
favors 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
paratively low rate.
Opinion as to the likelihood OF
a railroad strike continue to be
divided. The roads still profess to
regard such an event as unlikely
and it is pointed OUT that there has
been slowness in the balloting.
Union officials insist, however, that
the vote will favor a walkout and
that one will be ordered. Nothing
definite has developed to indicate
whether the train service en-
;ployees would declare a sympa-
lthetic strike if the staff employees
who are concerned in the present
/ series of wage cuts should 60 out.
Crop prospects remained some
what uncertain but a good yield of
wheat and a subnormal cotton
crop are still probabilities. Some
| claims of winter wheat deteriora-
ton on account of hot dry weather
in the Northwest have been made
rallied about five cents above the
recent low, but the greater frmness
is attributed to the technical posi-
ton of the market rather than to
any material change in crop pros
poets. Persistent wet weather in
the South led to higher cotton
prospects early IN n week. AIter
the weather cleared, however, the
fresh advance was cancelled.
Reduction of the r%ediscounE
rates of the federal reserve banks
at New York to a 4 per cent basis
offered fresh support for the view
that no early hardening in money
rates is likely. Rates for the various
forms of credit are now at their low
point of the year. With reserves at
a high level, with the demand for
accommodation slight, and with a
moderate trade revival rather than
a boom in prospect the reserve
bank authorities evidently antici-
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