The Washington times., 1922-09-24
Weekly Financial ReuieW
By HENRY CLEws
Of Henry Clews & Co., New York Bankers

The rise of temporary war
scare" and its disappearance-prGc
tically as quickly as 1t came-has
naturally been the event of most i'm
portance in the stock market during
, the past week. Anxiety over the
Turkish situation, leading to re-
action in stocks and at the same time
! an advance in wheat early in the
week, seemed to indicate that the
| situation had for the time been
seriously regarded by the allies.
Second only in importance to the
foreign situation, and. from a long
range standpoint, more significant
than the former has been the po-
sition adopted with respect to i'm
portant Federal legislation during
the week. The final action of Con-
gress on the tariff removes that
measure as a factor of market un-
settlement by making II certain
what duties will now actually go
into effect. The fact that the Presi-
dent has sent to Congress a strong
message vetoing the bonus bill and
that the legislative body has been
unable to overthrow his veto like
wise tends to reassure the business
public and removes danger which
was more threatening to sound
banking and to effective public
finance than most observers have
realized. With the bonus out of the
way. large public refinancing in
volving important bond issues is
probable. The decision of Congress
to adjourn also defers further con-
sideration of the various financial
schemes which have been under
consideration to some future date.
It Is hardly likely that any Of them
will come to fruition during the
short. session, and political condi-
tons may be very different when
the new Congress assemblies. In
these circumstances, II must be ad-
mitted that a substantial step has
been taken toward the establishment
OF stability in the stock market.
Restoring Freight Movements.
Estimates show that on a large
group of roads the percentage Of nor
NAL shop forces now employed Is con-
siderably over 80 per cent, as against
perhaps 65 to 70 per cent not long
ago. Car loadings have steadily in
creased, and the past few days have
witnessed a much greater degree of
Of traffic. Altogether, the gain of
the railroads, both in effective dis.
position Of business and in the ac-
tual reorganization of their person
mel. has been substantial. The agree.
ment which had been reached be.
tween the shopmen and the execu.
tives, whereby individual working
arrangements would be made be-
tween given roads and their former
employees. appears to be likely to
prove feasible. In such circum.
stances, II Is not strange that rail.
road stocks have given an excellent
account of themselves, yielding rela-
lively little. and from time to time
showing distinct buoyancy. Alto
gether. the railroad group Of shares
Is in a better condition today than
for a good while past, and it's pros.
poets are more favorable than for
some time. The chief questions re.
lating to costs and wages, Of course.
remain open, but are perhaps no
more serious than has been true for
years past.
Industrial Improvement.
There have been during the past
week several important indications
of industrial Improvement. The per-
centage of activity at steel mills is
now estimated as from so to 65 per
cent of capacity, and fuel conditions
are much better than have been an.
ticipated. In copper metal, export
and other demands are proving ex-
ceptionally good, and the result has
been a better tendency most OF the
time. Although sugar has suffered
somewhat from depression. due to
the fact that the consumer has been
somewhat overloaded with the re-