New-York tribune., 1921-04-25

sessions OF marked dulness, there was
broadening OF activity at the market
place, with rising prices. The turn
followed a stretch of lower rates for
speculative credit. Spectators were
heartened too by the ability Of the
market to receive unfavorable news
with equanin,ity and to respond sharp
ly to favorable developments. rs q week
ago Friday. Moreover in several
! branches of industry an Improvement
is perceptibo and the principal in
dustrial cities report trade as slightly
on the mend in some industries. Psy-
chologically therc has been a recovery
since the days Of extraordinary popu-
Tar fears and delusions as to the future
of commerce; compared with the black
days Of last December the present
seems illumined. with brightness.
Tho greatest single revivifying in
f1uence on finance would be \ workable
settlement Of the question Of German
reparations. Aside from the political
and moral aspects of the issue, the
failure to attain solution tends to
paralyze the economic limbs Of Europe
and to a lesser extent OF the whole
world. An agreement that would be
practicable would come as tho breath
of spring to tho whole world. Itwould
open the way for credit parleys and
lay the foundation for trade and enter
prise on more solid foundation. Indi-
cations that the policy Of Secretary
Hughes and the President may hasten
settlement already have given en-
couragement to those who appreciate
the business significance Of the attempt
to present Germany with q war bill
which she can and will pay.
The spectacle Of rising prices toward
the close Of the week increased the out
side participation in the fluctuations
of the market. Further advances will
multiply the number of spectators.
And, if such tendency should persist,
many of the excesses of previous
periods of market activity will be re-
peated. 1t is to be hoped, however,
that the miscellaneous folk-called in
the Street the public-have learned
something as a result of the recent
! financial debacle. An improvement in
sentiment and in actual trade since the
hysterical days of ultra -pessimsm Of
q few months ago does not justify an
unchecked bull market There seems to
be no solid reason to expect a return
to the inflated market values Of 1919
when the war and post-armistice boom
was capitalized for all eternity.
A correspondent in a letter from
Detroit comments brightly on condi-
tions in the capital of the automotive
industry. "There are signs Of revival
here and there" he says, land quite a
few exceptions where rugged strength
is unmistakable, but the general i'm
preston Of my first-hand inspection of
many plants is one of deserted villages
gradually being reclaimed. Rank on
rank deployed, as George Meredith said
OF the stars, are the arrayed inven-
tories, silently clamoring for releases.
They are coming--slowly. The hope for
a smashing spring drive to end the
depression overnight has proved a
snare. The depression is ending; but
it is battle uphill, against stiff odds
no proud pageantry Of a cavalry
skirmish.''
The investment market is patiently
waiting for the Interstate Commerce
Commission to give it's sanction to the
new plan for meeting the $280, ,OO0, 900
issue OF G. B. & Q. joint 4e, which
are guaranteed by the Northern Pa
cifc and Great Northern. The ma
turity is the largest Of its kind on
record. If the bankers program is ap-
proved the new bonds will bear eA
per cent interest on their face value
and Will run for fifteen years. Tho
expectation in Wall Street Is that the
public offering Of the now securities
will be made in a few days. The i'm