New Britain herald., 1921-05-28
REVIEW AND IMMEDIATE OUTLOOK
CleVs, New York Financial ] Expert, Gives His Opinions
fsreclal to The Herald.1

Especial to The HeraidD
 New York, May 2s.--The duietsr konditions which have prevailed turing the past few days in conrec- lon with the Silcsia French situa- bon ana tho adoption Of a policy of moderation and prudence" by the Friand party in France indicate clear that obstacles to peace which had |eemed likely to develop in that |uarter will probably be temporary |nly. At the same time the gradual |eakening of the coal strike in 4reat Britain and the restoration Of ! orc regular trade relations with Hher countries arc aiding in the ap- roach to normal conditions. Re- |uctions In the price of demand erlina and of tho values of other 3uropean currcncies in this market kirinF tho past week have been Irgely tho result of temporary re-
 s'' fro" high levels previously
 Savings in Federal Outlay. President Harding's program for reduction of Federal outlay has 90 been further made known dur q the past week and appears to
 
 at had been worked out by Mir. kFt Just before the ihttef's retire ent in isfa. Tho adoption by the nate on May 25 of the Borah nendment to tho naval appropria- bn bili. In which disarmament Snf~rrree between Great Britain. c United States and Japan for the brpose Of considering naval outlays called for. may result in bringing Iout actual cuts in general expendi- res. These arc essential fl pro- stA of efficiency and economy re- arc to have much ef- >rt. Meantime. tho adoption of the bsrgcpcy tariff bill. with it's valun- lu provisions retaining practically ~ senate amendments on that topic, presents the ffrst important fiscal or venue measure of tho session. Tax btnssions before tho senate finance pAi ttee arc now reaching what
 to be their Anal stage ana the BEirg of the hearings on that sub t has been announced. but with indication of the e mmittce's n intentions. The fact that con- rse appears disposed to accept
 Longworth plan for making the |ty rates of the new pcfrfnanent Tiff effective from date of intro ctior may put the nation on the |w revenue basis practically at once |tead Of several months from now.
 Railroad prugfrss.
 The railroad discussion has made pkrcaa toward a conclusion by tho or board and unofnciai forecasts VI place the amount of the cut in ke- fo be looked for at about 10 IS per cent. At the senate inter- ta commerce hearings, on the ber hand. there has been asvoc- nt among the railway men who ve appeared that reductions In e. at loaat In any considerable cunt. fl attempted at the present q. would be disastrous 10 financial overy. April returns for tho roads
 available. however. show a fur betterment In net revenues rre was a slight decline in gross enue-. but n very material rrduc- In operating expenses which
 Ard the relative increase.
 Arkes Review and Outlook.
 edurtior and passing of dividends
 been the leading stock market hence of the past week. tho list
 udlng not q few important con- ns. If suspicion were not direct Kainst other companies in regard dividend action tho market would ediiy improve. but unfortunately re is good ground for believing
 further omissions will he an- need In the future. although tho laration of the regular quarterly d~nds by such companies as Rail-
 steel spring and Baldwin Loco i've at the ciose of the week | ied to dispcl some of the gloomy lnr which has been steadily | wing with regard to Inc dividend | spects of other companies. With | thing like a general pickup in moss, coupled with tho ability to | hniracture and transport nt lower l bafinE costs. H IA quite likely that l executive heads of great many | rerns would feel encouraged to | tinue to make d,-tributions to l khoiders, even though it might l temporarily dipping into sur
 ko provide for them. This is
 feason why the owners of stocks l such tenacity in holding them. | nwhile. fre~h buying has been 1 tccd to such comparatively n scale it does not require any y to continue until It has been |