The New York herald., 1921-01-21
FINANCIAL NEWS
AND COMMENT
Foreign Exchanges Move For
ward - Industrial Shares
React on Realizing.

Fors rn exchanges came further into
fhe faregfound of financial Interest yes
ferday chieay because another strong
advance of European quotations had the
auprorf az what appeared 20 be mo-
mrnteus events ln the making overseas.
rAa news from Paris. London and Ber-
un for fhe last ten days has forecast
decisive enort % French Government
representative 20 gain Great Britain's
assent to q comprehensive method for
seuirg enc German reparation situation
Sc rext Manaay's meeting. and the ex-
haurea ~ me countries involved have
reelected expectations of success. Fur
fhefmaFe. news dispatches suggest
strongly that France and Germany are
much nearer an agreement on the mat
tor thar had teen thought The impor-
tanca 81 q settlement which viii enable
Germany 10 SEQ exactly the amount of
tha burden which she must assume Is
obvious 20 every one. Whatever the
details 81 a definite programme In terms
% International trade. Il stands 70 rea-
son THAI ne willing acceptance q terms
by German Government officials and
business should 60 FAR toward lending
stability 20 world finance and commerce.
sterling exchange advanced Yesterday
10 me highest point reached since the
last week of July Francs moved up
ward 20 the best quotation since the
week or October 20. ana strength marked
most of the Scandinavian rates. Ger
man exchange sold higher than AZ any
time since late In September. when the
tight credit situation on this side began
TO AFFECT adversely an of the exchanges.
In the stock market no surprise was
attached TO a reaction of industrial Is
sues after Wednesdays advance had
been carried on briskly during the morn
ing. As dealings all week had been
conducted chiefly BY professional trad
ers who found that stocks rose easier
than they declined there vas bound 70
be a price reversal when realizing sales
came along This was rot great enough
10 make the list look really weak az any
time. III fact. some active automobile.
steel, rubber and copper shares. whose
declines from maximum levels amounted
70 TO points. left on with trlfling net
losses. Several OH shares. while offered
IN volume IN the last hour. were consid-
erable higher than they were az wednes-
days close II was significant Of the at
tention being paid events IN Europe thnt
the speculative following or stocks made
capital Of the possibility Of an expanded
demand for American raw materials X
the exchanges Improve further. and II
was issues OF companies likely 10 be
affected by foreign purchases % goods
which were In greatest demand IN tho
early hours Call money again got up 10
per cent. after renewals had been
made az per cent. but there was little
reason TO think that this hardennE ten
dency had much influence on the stock
market
The bond market continued 20 denote
confidence In the easing situation Of
money. Government war issues. while
not quite so firm as they were on the
preceding day. were nevertheless IN con-
slant demand from investors, and spec
ulative buying OF railroad and corpora
ton issues as well as Investment aocu-
mutation was In evidence an the way
along.
Cotton declined a little after early
improvement and wheat futures lost y
to 3 cents. The decline Of wheat has re-
moved about all the gam which oc-
CURED after the opening OF the new
year.