WAVE OF OPTIMISM

Evening Post, Volume CVI, Issue 108, 3 November 1923, Page 7

WAVE OF OPTIMISM

BOOM IN AMERICAN STOCKS

WARNING AGAINST INFLATION.

(UNITED WIESB ASSOCIATIOH.^CCPYfUaHT.)

(AUSTRALIAN-NEW ZEALiSD CABLE ASSOCIATIOH.) NEW YORK,. Ist November. Remarkable scenes occurred on the New York Stock Exchange,. when a wave of optimism, based on the statetnents of various important industrial .leaders that the business conditions of the" "country were excellent, shot all -stocks up for grains between two and ■five points. All depressive influences were completely dispelled. The turnover of 1,400,000 shares was the largest since the beginning of the., year. The shibboleth everything adopted is: "The United States is entering the winter months with its industries in good condition and its'financial structure sound."

The United States Steel Corporation declared a small quarterly-dividend when everyone expected that the recent cut in the hours of labour would make a' dividend..impossible. The corporation, on the contrary, announced increased profits. . ' ...

Estimates/show that the value, of United States crops will be a billion d6l--lars more than last year.

: _ The Stock Exchange's action is considered likely to presage a boom movemenu such as struck the United States immediately after the' war. ' Conservative bankers are insisting that business men roust be- careful against inflation and artificial prosperity, which would be succeeded by deflation and ruin.