Norwich bulletin., 1922-11-13
PERSISTENT IMPROVEMENT
 IN INDUSTRIAL CONDITIONS

New York, Nov. 12.-((By The A. P.) of the persistent improve ment in industrial conditions is indicated by the various business and financial ln- dices which became available during the past week.
 Loadings of railroad cars with revenue freight show further gains. both Tn coal and general merchandise. The total load ing for the week ended October 2S amounted to 1,O14,OOO cars, which is only 4,00O cars less than loading in the week ended October IS, 1920, when the high record for all time was set. It IS clear, furthermore, that an even larger volume of traffic might be moved If the trans portation facilities were available
 Soft coal productions has been estab- lished at high level of approximately 10,700,000 tons week and the whole fuel situation is growing distinctly easier. Stocks are returning to something like normal proportions and the schedule Of shipments to the northwest by way of the Great Lakes, which enjoyed priority, has been met Some observers now go so far as to state that the danger of g coal crisis during the winter Is past. Tn any event the cessation of the movement to the northwest should further ease the car supply situation, which aiFeady mas shown some improvement.
 l ter eea1 and transportation situations have been of distinct help to the steel industry. Octobers production of both pig iron and steel exceeded that in any month in the last two years, and the country's steel plants are now working at more rather than less than 75 per cent of capacity. Despite the heavy rate of output and shipments during the month, the steel corporations thrilled orders increased by slightly more than 200 900 tons and the total now stands at 6,900,000 tons, as compared with A. 10000 at the end of last February. Confirmation of the many evidences of active fall trade are found in the mon ey market and bank reports. Bill hold ings of the Federal Reserve system are still growing and the rate on bankers acceptances shows a tendency toward additional firmness. Similar indications are apparent, furthermore, in England and there, as here, commodity prices promises to go to higher rather than low CT levels. It remains abundantly clear, however, that ample credit resources re- main in this country and that any sharp rise in the price of money is unlikely.
 As far as agricultural products are con- cerned. the feature of the past week has been further strong rise in cotton. Despite heavy profit-taking, which had no serious effect until near the end of ] the week. The Dcmbr future rose to 26.S0 cents, which is over six cents above the price existing on October 2. h. cidentally the census bureaus ginning report shows that S,140,000 bales were ginned prior to November out of cror which has been estimated variously al between 9,5o0,0oo and 10.000.0O0 bales
 That the high prices which have prevailed for this commodity mean better businss
 conditions in the south is obvious.
 l Wheat prices have sagged back some.
 what, from their late high, but have re-
 ta ined the greater part of their recent gains. It would appear that these gain'
 were caused largely by foreign buying
 which has now been suspended on ac,
 count of the foreign exchange situation
 Pronounced weakness in German mark and the> currencies of the continental al
 lies has been, in fact. one of the rnajol
 features of the weeks financial situation
 While autumn purchasing and speculation
 have played a part, most quarters con
 slider that the unsatisfactory status O
 the German rerarations problem hal
 been the leading factor in the foreig7
 exchange demoralization. =.