The Washington times., 1922-10-22
Weekly Financial Review
By HENRY CLEWs
OF Henry Clews Co., New York Banlera

NEW YORK. Oct. 2l.-The resiG-
nation Of the Lloyd George ministry
in Great Britain has been the out
standing development Of the week
In foreign politics, but its effects are
not yet evident. Settlement OF the
Turkish crisis has had beneficial
effect upon European prospects and
conditions, but has not done more
than partially relieve the anxiety
and depression which existed in
European securities. Renewed diff.
ficulties in connection with reparn-
tions payments have made their
appearance and the effect has been
to retafd in some measure the move
ment Of Continental currencies
toward higher levels. A new COM
mission to stabilize the mark is now
planned. but is not likely to be able
to do much.
Growth OF Domestic Business.
The improvement in general bust
ness conditions domestically. how.
ever. continues to be reassuriny.
For the last reported week car
loadings were s8S,000, q figure not
far below the record level. Cotton
has now gone well above % cents
for the December future which In
itself q high record on this move
ment. while wheat has continued its
steady advance to a figure around
$1.12. The effect is to put an un.
usual amount OF purchasing power
into the hands of agricultural COM
munities Railroad earnings, al
though low for the country as a
whole owing to strike expenses, have
shown up very satisfactorily in in
dividual cases. Apparently WELL
founded rumors of increased di.
vidends are in circulation with re.
spect to q number Of railroad issues
and consolidation prospects are
again more positive. The Southern
Pacific Company has asked au-
thorfty Of the Interstate Commerce
Commission to retain control Of
Central Pacific and November II
has been set by the commission for
q hearing on the proposed consolida-
ton Of Northern Pacific, Great
Northern and c. 3. a Q. All this is
preliminary to the plan already de-
vised for consolidating the railroads
Of the country into a few great sys.
TENS. Strength In copper shares re.
fleets improved demand for that
metal, which Is now confidently ex.
pected, with probably future advance
In prices. since the available supplies
are now almost down to a minimum.
The like Is true Of rubber and rubber
shares. The principal steel plants
have continued to increase in the
scope Of their business, and are to.
day atethe highest level Of opera.
tions reached for good while.
Coal production and distribution con.
tinues to improve. and in nearly all
industries there is a shortage of
labor.
Governpent Business Improved.
Secretary Hoover and others, in
public addresses during the past
week or SO, have pointed out equal
ly encouraging factors in public
business. Federal expenses have
been cut about $1,000. .O00, 900 from
the peab Of war outlay. and are be-
lieved to he getting down toward
low level--condi' ions being what
they are in the service at the pres
ent time. A reported subscription
to 8 eretary Melons $500, 900 900
offering, amounting to nearly three
times the face of the amount put
before the public, shows the pres
ence Of phenomenally high savings
In the banks Of the country and
In the hands OF investors generally.
The Comptroller OF the CURRENCY
reports savings at q high record
banks increasing by nearly s1,000.-
and the middle Of the present year.
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