The Washington times., 1922-06-25

NEW YORK, June 24.-The open
ing Of The Hague conference mas
thus far produced no results OF I'M
mediate financial interest save the
announcement that American claims
against Russia will be listened to by
the committees which are charged
with making a summary OF the t;'tal
amount Of outstanding liabilities OF
that countsy. This will be the first
opportunity Of an official sort that
has been furnished for the presenta-
ton of the fairly large banking and
Industrial Indebtedness that Russia
owes to American capitalists. Recog'
milton that the outcome OF the bank
ers committee work at Paris newt
ably postpones further efforts to ad-
Just exchange has become general
and naturally reacts upon exchange
quotations, especially those OF stsr-
ling. The principal European cur
rencies have. however, recovered In
part from the depression caused
early in the week by unfavorable
news.
Railroads and Labor.
Further developments in the policy
Of the Railroad Labor Board seem
to indicate that the organization is
determined to carry somewhat fur
ther the cuts in wages which had al
ready been initiated, although there
Is little yet to indicate that they
will equal the reductions in revenues
resulting from the 10 per cent cut
in rates. The situation Is proving
more and more unsatisfactory to la.
Dor, as utterances at the Cincinnati
convention of the American Fedora
ton clearly show. Nevertheless,
the closest observers OF conditions
refuse to believe that a strike will
be ordered at a time when the roads
are still paying a wage level decided.
ly above that which prevails in other
industries. Meantime, Improvement
in car loadings continues and the
total number 6f orders for freight
cars thus far placed this year Is
estimated at $4,000, as against about
3O,0 900 for the whole OF 1921. The
railroads are undoubtedly preparing
for q considerable further enlarge
ment Of business and bid fair to get It.
A better psychological atmosphere
prevailing in railroad circles Is re-
Elected in the declaration OF Great
Northern dividend at the old per
cent rate, as well as in more or less
definite announcements OF prospec-
tive increase in the dividends Of
others. Altogether, the railroad
situation, IL II can be held to some
what it's present position, continues
to be encouraging. and since, as
often remarked In the past, The
floating supply Of railroad stock Is
abnormally small, existing issues
ought to stand a good prospect OF
advance.
Industrial Prospects.
The active bidding up Of Mexican
Petroleum. which furnished the most
striking market episode Of the early
part Of the week, naturally caused
some anxiety among the shorts. As
the supply Of the stock is-at all times
limited, It was not an easy matter to
cover commitments. There Is a bet
ter basis, however, for higher prices
In the oil group than mere temporary
speculative demand. This is found In
the increasing use and prospectively
higher price of the product and in
better earnings all around. II Is
these conditions which are reflected
in the higher values for many Of the
oil issues. In like manner, the stead
lily increasing demand for steel prod.
ucts, which has carried the percent
age Of capacity occupied at many
plants we'll up toward 100 per cent,
has necessarily tended to raise prices.
and. as a result. to advance the real
values Of steel shares. Good indus.
trial prospects are, in fact, the sound.
est basis for stock market advance,
and they explain the general strength
In the shares OF that group, including
such issues az the coppers and a va.
riety Of others. The total output Of
goods. a. indicated by production In.
dexes, 10 obviously on the upward
grade, figures compiled by the FED.
eral Reserve Board showing an I'D.