Norwich bulletin., 1922-08-14
Rail : Coal Strikes
 Impeding Industry
With Their Termination Re- sumption of Business On a
 Large Scale is Expected.

New York, Aug. 1S-(By The A. P.) -Prolongation of both the coal and raIi- road strikes has brought a further tight ening of the brakes on the wheels of industry, but the under-tone of the lead ing markets of the country has nevertne- less remained firm. Ie became increas- ingly evident as the week advanced that all parties concerned were desirous of coming to an agreement and that no nsurmountable obstacles stood in the way. The moderate advance in stock prices. under the leadership of railroad shares, reflected the belief that set clement was imminent-a belief which was not taken by growing disaffectipn aming the railroad brotherhoods ana realization that a coal famine was se- rious possibility.
 Competent observers point out that fundamental conditions are sound, and that once the disturbing influences are removed. resumption on a large scale of the business revival, which has been steadily gaining headway may. be con- fently expected. As an offset to the losses which the country has already suffered there is now an accumulation of demand the filling of which will spur industry for some time to come Coal i supplies, meanwhile have dwindied to the point where basic industries have been seriously affected. Although the l latest estimates of the Geological survey l covering the week ending August l. show l that output has again risen about the 1 100000 ton mark, it is still less than l half of normal and about a million tons 1 below what it was just prior to the shopmen's walk-out.
 The steel industry in particular has suffered. Shutting down of blast furn- aces is almost a daily occurrence. and un.ess increased supplies of fuel are soon forthcoming some steel mills will have 1 to suspend operations. Even with both strikes out of the way. furthermore, con 1 gestion on the railroads will be unayoid- able and some months will be required to get back to normal conditions. Steel | ingot output has fallen to an annual rate of about S0,090,000 tons 8 year conpat. 1 ed with an avarage or S5,000,0oO- tons just preceding the rail strike. The pres ent rate, however, is still equal to that of 1912 and 1913 which were the years | of heaviest volume prior to the war However. orders have been unexpectediy large. This weeks report of the stee 1 corporation shows ta gain of over 14,O( 900 tons in unified orders for July Lacl of cars has brought some refusal ot
 orders for immediate delivery.
 1 In spite of en1bargoes on certain cIa ts
 es of freight by few of the railroads 1 car loadings have held up well. Fo,
 the week of July 2s the total of car
 loaded fell slightly, gains in coal anc grs being offset by decreases in mer ichaieise and miscellaneous freight. Load ings, however, are continuing at close t,
 the high point in history at this seasol of the year.
 reassuring note was struck durin; l the week by the department of agricul l lures forecast of abun6ant yields O
 the conntrs,s principal arops Whea
 production is estimated at some six mil
 lion bushels above the average and tn
 corn yield promises to be the fourt
 largest on record. While prices hay 1 receded somewhat as a result of thes
 bright prospects the purchasing power e
 the agricultural communities will ney
 ertheless be enhanced.
 Money rates were practically unchane
 ed. A slightly firmer tone on the earl
 part of the week in call money wa followed by ease later on. Bankers re port that a certain amount of money being withdrawn by interior institution to aid in the seasonable movement C
 crops. Demand for industrial purpose has slackened. however, and new capita issues for the week totalled but slight ly more than S20000e00, the low recor
 for the year. Smaller deposits and
 contraction in bills brought furthe . rise in the federal reserve systems rs
 tio of reserves to deposits and not
 circulation to S0.4 per cent. the highes P point reached on the present rnovemen The position of the system banks thu
 points to the probability of continue
 ease in money.