The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1922-06-26
Weekly Financial Review

New York. June 24,-The opening
of The Hague conference has thus
far produced no results of immedi-
ate financial interest save the an
nouncement that American claims
against Russia will be listened to
by the committees which are charg-
ed with making a summary of the
total amount of outstanding liabili-
ties of that country. This will be the
first opportunity of an official sort
that has been furnished for the pre-
sentation of the fairly large bank
ing and and industrial indebtedness
that Russia owes to American CAPT
talists Recognition that the outcome
of the bankers committee work at
Paris inevitably postpones further eff
forts to adjust exchange has become
general and naturally reacts upon ex-
change quotations, especially those Of
sterling. The principal European
currencies have, however, recovered
in part from the depression caused
early in the week by the unfavorable
news.
Railroads and Labor.
Further developments in the policy
of the RAILROAD Labor board seem to
indicate that that organization is de-
termined to carry somewhat further
the cuts in wages which had already
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 labor. as utterances
at the Cincinnati convention of the
American Federation of Labor clearly
shows. Nevertheless the closest OBJ
servation of conditions does not lead
one to believe that a strike will be
ordered at time when the roads are
still paying a wage level decidedly
above that which prevails in other in
dustries. Meantime, Improvement in
car loadings continues and the total
number of orders for freight cars SO
far thus placed this year is estimat-
ed at $4,000 as against about 10000
for the whole Of 1921. The rail
roads are undoubtedly preparing for
a considerable further enlargement of
business and bid fair to get it. A
better physiological atmosphere pre-
vailing in railroad circles is reflected
in the declaration Of a Great North
ern dividend at the old per cent
rate, as we'll as in more or less de
finite announcements of prospective
increase in the dividends of others.
Altogether the railroad situation, if
it can me held to somewhat its pres
ent position. continues to be encour-
aging and since, as often remarked
in the past, the floating supply Of rail
road stock is abnormally small exist
ing issues ought to stand a good pros
pect of advance.
Industrial Prospects. 49,.
The active bidding up of Mexican
Petroleum which furnished the most
striking market episode of the early
part of the deck, 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 bet
ter basis however. for higher prices
in the oil group than mere temporary
speculative demand. This is found
in the increasing use and prospect
lively higher price of the product and
in better earnings all around. 1t 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 pro-
ducts,( which has carried the percen-
tage of capacity occupied at many
plants we'll up toward 100 per cent
has necessarily tended to raise prices