AMERICA'S INDUSTRIES.

New Zealand Herald, Volume LX, Issue 18547, 3 November 1923, Page 11

AMERICA'S INDUSTRIES.

.'~. ♦ ■■ y WAVE OF OPTIMISM. BOOM PERIOD FORECASTED. Australian and N.Z. Cable Association. ; (Reed. 7.5 v.m.) LONDON. Ifcv. 1. Remarkable scenes occurred on <the New York Stock Exchange when a wave of optimism based on statements by various important industrial leaders that business conditions in the country are, excellent, lifted up all stocks for gains of between two and five points*. All depressive influences were completely dispelled, and the turnover of 1,400,000 shares was the largest since . the beginning of the year. The shibolleth everywhere'- adopted is that the United States is entering the winter months with her industries in a good condition and her financial structure sound. The United States Steel Corporation declared a small quarterly dividend when everyone expected that the shortening of hours of labour would make a dividend impossible. * The . corporation, on the contrary, announces increased profits. Estimates show that the United States crops will be worth 1000 million dollars more than last year. The Stock Exchange's tone is considered likely to start a boom such as struck tho United States immediately after the war. Conservative bankers are insisting that business must be careful, and issue a warning against inflation and artificial prosperity with deflation and ruin succeeding.