Norwich bulletin., 1922-07-31
Weekly Review of
 Industrial World
Definite Setback to Business Revival by Strikes Not Yet a ProbabiIity-Steel Hit Worst.

New York, July 30 (By the A. P.)- Although the check to the country's business recently imposed by the strikes grew during the past week, the curtail- ment is not yet large and a definite set back to the industrial revival is not yet probability. The steel industry, which has been operating at a comparatively high rate, appears to be the chief suffer- CT. Here the loss of production is some thing like ten per cent. This indus try, too, has been considerably upset over the possible effects of the priorit:es established with regard to coal distri- button.
 The trade realizes that it's position is not the preferred one enjoyed during the war. Second thoughts on priorities have, however, been more reassuring. It is realized that dislocations in the existing situation are not likely to be as severe IS at first surmised, and that the gen. eral effect of priorities should be a re- duction in congestion and a gain in coal output
 Car loading figures meanwhile have been reassuring. The total number for the week ended July 15 is S61,O00, which represents a recovery of 143.00O, as com pared with the previous holiday week. The total is within 17000 of the high record for the year. Exclusive of coal, loadings were close to the high record
 for all time. It may be seen. therefore
 that general business so far has suf-
 fered relatively slightly.
 Coal production. on the other hand, re- mains poor. The Geological Survey
 estimate for the week ended July 22 amounted to only 3.600.00O tons, or prac-
 tically the smallest total for any week
 paS1 e&ta was again the cause of the loss in out put. In this connection the carriers claimed that the start of the past week showed considerable gain in coal load ings, but pending. publication of returns for the entire week it is difficult to say how important the gain may be. Some resumption of mining in the Pittsburgh district is reported, and it is intimated that actual output for the past week l may come up to S,9Oo,oO0 tons. Thi: level however, is still some 1.250. 00f tons. below that reached during June ant any important gain is considered doubt full until railroad congestion is mater. | tally relieved.
 With regard to the strikes themselves financial circles showed greater optim ism. Chances for an early settlemen | in the shopmen's walk-out were consid l cred good, while the atmosphere sur rounding the coal strike negotiations was thought to be improved. It wa pointed out that an agreement with tn
 shopmen would be likely to hastenLar end of the coal strike and that affair! are now reaching a stage at which al
 parties concerned are becoming inereas l ingly anxious for a resumption of actlv l ity
 In the commodity markets good ex
 port buying barely held wheat price, i against hedge and short selling. Wea l ther conditions continued favorable, am there was no appreciable change in crol
 prospects. Cotton prices gave awa'
 somewhat before liquidation in anticipa l ton of the governments August crol estimate. which is expected to show al I increase over the previous months esti | mate. The market steadied. however before the close of the week. With the reserve ratio of the com 1 bined federal reserve system at a nev high record of 79.2 per cent well inform
 ed observers anticipate no early chang i in monetary conditions. The gain in ra | to Is partly due to importations q
 British gold. hut commercial demand
 for credit remain light and the gold i'm
 ports are expected to continue. Tn
 strikes furthermore. are acting as curb on potential trade demands for ac
 commodations.