New Britain herald., 1920-01-10
MARKET AND REAL ESTATE REVIEW
Henry Clews
 Weekly Letter
Especial to the Herald)


 New York, Jan. 1o.-The past week both in the investment market and in national politics has been d period of uncertainty and of conflict in de- velopments. Nationally speaking, the outlook has changed but little. The negotiations regarding. the peace treaty are plainly hanging fire. con tlicting factions not having succeed ed in adjusting their differences as early as they had been expected to do. The preparations for railroad lesisla- ton also have been moving slowly, and the best observers are of the opinion that the process of harmon izing the Esch and Cummins bills will take longer than had been thought. It is generally admitted that if a satisfactory railroad meas- ure could be adopted it would inl- prove the position of railroad shares and securities in material degree, while the reflex influence of such ac- tion would --he-,NarN helpful in other branches of the market. The post poncment of any such arrangement taken ill conjunction with the delay on the peace treaty leaves the market outlook still to be determined. From the foreign standpoint progress treaty is apparently, satisfactory and the movement of our trade with European countries has on the whole been en- couraSinS. The settling down of abor unrest and d diminutiOn of strikes during the past thirty days is one of the most hopeful elements in the gen eral business situation. Taken with the stronger attitude of the govern ment toward socialistic and anarchis- tic agitation, il gives promise of |; much better industrial outlook than had been thought likely to exist at this time.
 Money situation Significant.
 As expected the rates for money. as applied to call loans have eased con- siderably since the first of the wear but time contracts are still practically unobtainable with few loans being made and only at excessive rates. The money situation therefore is still one to be reckoned with.
 Business Situation.
 lndustrially speaking the business situation at the opening of the new year appears to be n re than enCour- aging. Not only are many factories booked ahead for long periods but the basic industries of the nation, such as those engaged in producing steel, coal and fundamental textiles are evi- dently no more than able to meet the demands upon their resources. All this points to a very active years work. if financial difficulty can be avoided. In foreign trade there has been an unexpected maintenance of the high values of our total exports, but the increase of the import trade as shown by the November figures, just made available, points conclu- svely to some revival of the power Of European countries to ship goods to us and hence furnishes some earnest of their eventual ability to pay for what We have been sending them. The general statement of Herbert Hoover concerning European needs is regarded as encouraging by those who had feared that the situation was being inadequately handled and has gone far to offset the statements of European propugandistS who have been urging d Staggering loan on the part of American financial inter- ests or the American public. either individually or through government q ction. Judging from present appear ances as indicated by the reports Of banking and business observers who have recently visited the chief Euro pean countries. the strength of de mand for our products abroad is like ly to continue fully up to the level to which we are willing to extend credit a prospect of some natural and necessary reduction of the total level Of shipments which should be brought about by the ono sided condition of the trndc.
 Year Opens FayorabIN.
 While the year has opened favor ablN with relatively low rates for