Norwich bulletin., 1922-10-02
Business Improved
 During Past Week
Irnpeded by Grave Views as to the Possibility of War Between Turkey and Great Britain.

$ New York, Oct. 1 fBy the A. P.l.-F'ur- ther evidence of improvement in the financial and industrial situations during the past week found an offset as far as business and financial sentiment is con- 2cerned in the foreign outlook. Reactions in securities markets has furnished a background for somewhat grave views as to the possibility of war between Turkey and Great Britain. Despite the fact that conservative quarters are skeptical as to an actual outbreak of hostilitfes, the pos sibility of clash in the neutral zone along the Dardanelles acted as curb on buying. In addition it was pointed out by some observers that the German rep- arations problem still remaEs and that new crisis will be presented early xr the year unless some comprehensive pla-l for dealing with the difficulty shall be agreed to in the meantime.
 Industrial activity at home. showed however. a further recovery from the eff fects of the strike. The steel industry was reported to be operating at a rate close, to 70 per cent. of capacity as com pared to 50 per cent. during the August shutdown Coal supplies are no longer a limiting factor. having been replaced in this respect by the scarcity of suitable freight cars. Statistics of coal production also are encouraging. Soft coal output 1 approximated 100000 tons last week, and anthracite volume increased.
 l Further settlements have been made between individual railroads and their l shopmen. and the Association of Railway Executives has announced that shor
 forces having returned to over 90 per cent. of normal. employment reports of 1 individual carriers will no longer. be re- ], qulred. The latest car loading statistics 1 those for the week ended Sept 16 show l another new high recor1 for the year the total being 945,919 cars. Supplies of idle cars in good order have come to an enc | and number of the railroads have de 1 clared enfbargoes on certain classes O l freight offered by connecting lines. Trans | portation facilities apparently are con l trolling factor in industrial activity Thi
 does not mean, however, that an unusual
 ly large volume of traffic is not being
 handled.
 Some appointment has been express ed over August railcoad earnings. number of the roads show deficits an,
 others heavy losses in both gross and ne
 income as compared with the same mont | of a year ago. On the other hand, som
 roads show improvement. The rather un l satisfactory set of statements has bee
 expected in the best quarters. Durin
 August the anthracite roads still ha
 none ot their usual coal traffic, and man
 of the soft coalers still felt the effects c
 suspension in bitrEe<ous mining. Be
 sides, the G rriers were all at heavy emer
 gency. expense on account of the shor
 mems strike and weer paying unusual
 high prices for thelc fuel Septembe stt ea ar1aings are expected tosl5e considerabi
 better while} the roads are still buyin equipment liberally.
 . Wheat prices are continuing to fiuct, i ate with the war news but coverings shorts in the expiring September optic l brought some strength into the marke There are signs that the grain trade i beginning to feel the shortage of railroa equipment. Cotton has been heavy on tF
 unpromising foreign situation and larg
 receipts of the new crop.
 slightly firmer tone has persisted the money market. although call mone has eased off materially after the fur T caused by tax payment operations. TT d principal feature of the federal reser7 |, statement is a continuation Of the hol ings of acceptances bought in the opt
 markets by the reserve banks. The sy g tem's reserve ratio remains practical e unchanged.