Norwich bulletin., 1922-08-21
WEEKLY REVIEW OF
 ECONOMIC CONDITIONS

New York. Aug. eo.-(By The.A- P)- While the past week has brought l;ttie real news Of constructive nature hopes for speedy settlemen. of existira labor controversies have mounted higher and the country's leading markets have shown an undertone of quiet strength. Hes!tancy which was in the zscendancy as the week opened vanished as reasSur- ing notes were struck from several .quar. ters Failure of France and England to come to an agreemnt on the German reparation question and the consequent breakup of the London conference had an adverse effect here. Some anxiety was also oecasicned by delay in an- nouncing an agreement for settling the coal stripe. whk-h had been expected Fear that other railroad brotherhoods might join the shopmen's strike added another cause for alarm.
 Several favorable influences soon turned sentimen, into more opliuiis:ic | channels, however. Among them were news from Cleveland that basis aad been reached for soft cos. s.riSe ses- uement calling of mNs t.'.s at Phila- de.phia 10 settle the arth -acise d-h -cuI- " and agreement Of the railroad csse-u- tives to meet the leaders of the -Bss
 
 , a solution for the shopmen's problem More hopeful news from abroad and 1 favorable cotton consumption report ai- so had a stimulating effect
 Although only about 15 per cent cf :ie soft coa' producing capacity ot ifa C untry was represented at the cisve- land conference and signed the as,se- Ii.ont for '-a eniag the mines. o,hes N2 5 orators, 1t Is believed Will not be s.rss , tc fail into line. Present high p-;css { and the evident determination Of th. ad- ministration 10 do what it can 10 avert ] a coal famine will act as a SpI- ia production. These same influences vii a.so tend to bring a speedy agreeme ni s at Philadelphia. Coal production for 3 the week ending August 12. meanwhile, 7 approached the 5.000.ooo mark. and the union mines which are already reopen ing will add a million tons or more te present operating capacity. This Is far below normal output. and coal rauor'rs twill be necessary for some time 10 corle.
 Tension on the steel industry has been | relieved 10 a certain extent by partial resumption Of coal mining. particularly !. ii the Connel.sville district. Ncsefthe. Y less, the pace became slower during ths II week and difficulty in securing c-ll sup V rl:os will have a crippling effect Tor the Il remainder of the year. 1t Is though. d From a high point of so per cen. ear,y l. in the summer the Steel Corporations
 rate of operations has dropped to arc n1 s co per cent. of capacity. Independent s cJmpanies, are running at only E',out st l. per cent. Of capacity. Prices meanwhii, u ale advancing.
 ali The latest report on revenue frsigh d losdings. however. increased substantial D ly. tLus refecting the strenuous efToru d bt. Ing made by the carriers to o7ercorn'
 the effects of the coal shortage. Larg'
 gains in miscellaneous and merchandis - loadings as compared with year ago in
 dicate that beneral trade is growing con
 siderably more activity. Had coal load
 ings been up 10 narmal for the seasoi
 total loadings would have exceeded D.
 a good margin those of any week sine
 the autumn of 1921 when an unusual.
 heavy grain movement taxed the ca
 pacity of the roads.
 Commodity markets were influence
 greatly by the course of events. cn th
 other side of the water. Pessimism owe
 the failure of the allies to agree O l the reparaiions programme, accorrpanie
 by the weakness in foreign cxchane'
 had an adverse effect on both cotton an
 wheat early in the week. This couple
 wIh tho unusual IT. lfiaryestt -ese
 forced the price of wheat beneath th
 dollar mark Some recovery was ha
 later on export buying attracted by th
 decline. Cotton made progress durin
 the week An encouraging feature N-i
 the governments report on consumpts7
 for the past ysar. which showed th'
 the mills of .ht 'c i.ntry used up m
 lion bales nor; ian last year. n
 carry-over into thu present cros yea
 furthermore. was oniv 2.Ste.oeo | i,,s {
 compared with 6.5o1 70 var ago. 1is abnormally low carry-over together vii prospects for short crop suggests q possibility of a scarcity of the staple Money was easier. the ruling rate f' call fundS in the market getting dow to per cent against an average sis per cent the week before. Can't offerings. nevertheless. showed furt' CT decline. totaI,iny Si5.o0o.oo0 .. against S2o.0oe.0od the preceding we, Absence of new issues in volume ar a p,entitude of money imparted streng' to the bond market The weeks report the federal rGerse sys-em shows small increase in bill holdings. bat bil
 discounted for member banks decreafe
 which shows that the commercial ban, . are abe to handle the business os | country in its present volume w;th1 strain | f