Norwich bulletin., 1922-10-16
IN FINANCIAL . AND BUSINESS CONDITIONS

B. New York, Oct. 15 tBy the A.. P.)-l Better, prices for farm products and evidences of increased industrial activ- ity marked the past week in business and finance. A rally in grain prices came oddly enough at time when t was clear that the crisis :l the Turkish difficulty had been passed. l. was at tribut ed partly to reports Of smaller crops abroad In any event December wheat rose above sl.09 busIlel, which is approximately ten cents above the re- cent low.
 Domestic crop estimates. made pubic by the department of agyls;:lturs on Monday, show, on the whole, very little change. Wheat is now placed at 810,- 000,008 bushels. or only eight million less than in the previous government es- timate. while corn is expected to yield :; 2,853 3,000.0o0 bushels, or 21,000,000 bushels less than was forecast on Sep- tenber 1. In other words. abundant lcrops- of cereals will be available | Cotton meanwhile rallied 70 above g 1ognition of the bullish statistical posi- ton and partly because trade buying,
 which was withheld pending a settle I nnent of the near eas. trouble, has now come into the markct Tex.sle mills evi-
 dently are planning U extend their ac- ltiwities and are providing for their needs 1 in the matter of the staple. Existing .kprices are ,Enore thar two cents above 'Isthe recent low and are materially jess than one cent below the high of last i year.
 I The weeks federal reserve statements indicate both an increase in the vol q tune of business and 8 movement oi funds toward agricultural districts. The
 reserve ratio of the system $ now near ly five per cent below the peak whicf T was reached at the close of the aeasor of summer dullness. It Is still, however
 approximately seve.l Der cent a3ove thu : corresponding figure for 3 year ago. Dis ' counts, deposits and note circulation ], continue to grow. Meanwhile. the ten dency Is toward slightly hrmed ccndi
 tions in the money market, although n,
 sharp rise in the cost of commercial .lc : comnodation Is anticipated.
 subscription of the treasury new issue of 30 year 1-4 per cen
 bonds Is regarded as a favorable indi cation as to the condition of the invest
 naent market. The new bonds, wh.e ,l were offered to the valIe of S300, ,0U6, ,00 : or whereabouts, are prlnlar:ly desisne T to provide the funds for the reden,ptio 3 of the Ss70,000,000 I.I Victory notes . which have been called for payment o Il DeCeuDeF 10. A1te.-s IneS3 notes laV been paid or. the chief maturitie : (which will have to be taken care of be s fcre next July will be $825. 5.60o,o00 i
 war savings certificates, which tn
 l treasury hopes to refund into new treas :, iry savings certificates, and S1.so0, ,0O0 ! 900 in Victory notes.
 Financial quarters believe that thes ej operations will be accomplished witt . out. disturbing the money and secnr ties markets When these operation
 have been completed the treasury wi have taken care of its principal earl
 maturities, which totalled S7,500, GOO ,0G
 in April 1921, when refunding oper; Hl tiong were started.
 Industrial returns continue encoura, ing. The railroads have set a new his H record for a year in the matter of ca. r Of revenue freight loaded, the total f.
 the week .,4ended September 30 beir
 f 9ess000. This exceeds not only tI number loaded in the comparable wet year ago but in 1920, when the fa traffic movement broke all records in Il countryg history. Nevertheless c
 shortage continue to represent the lir E itiY1g factor in the steel industry and sk a number of others. Steel output h;
 i now made good all the losses suffered H account of the strikes and bitumino
 coal production continues to approx mate s11.000,000 tons 8 week. Ste prices are showing 2 tendency to reced Hl partly because recent shortages ha
 been relievec
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