BOOM IN AMERICA

Otago Daily Times, Issue 19009, 3 November 1923, Page 10

BOOM IN AMERICA

EXTRAORDINARY OPTIMISM STOCK EXCHANGE BUOYANT. Press Association—By Telegraph—Copyright NEW Y OliK, November 1. (Received Nov. 2, at 8.50 p.m.) Remarkable scenes occurred on the JNcw York Stock Exchange when a wave of optimism, based on the statements ot various important industrial leaders that the business conditions Of the country were excellent, shot all stocks up for gams of between two and five points. All the depressive influences were completely dispelled and 1,400,000 shares changed hands, the turnover being the largest since the beginning cf the year. The shiboleth everywhere adopted is that the United States is entering the winter months with the industries in good condition and that the financial structure is sound. The United States Steel Corporation has declaimed a small quarterly dividend when everyone expected that the reduced hours of labour would make a dividend impossible. The Corporation on the contrary has announced increased profits. Estimates show that the United States crops will be a billion dollars more in value than last year. The Stock Exchange’s action is considered likely to presage a boom movement such as struck the United States immediately after the war. Conservative bankers are insisting that businesses must be careful against inflation and artificial prosperity, with deflation and ruin succeeding.—A. and N.Z. Cable.