New Britain herald., 1921-09-03
ton companies are now making much more crcditablc showing.
 Problems Of Industrial I>>ucS.

ton companies are now making a much more crcditablp showing.
 Problems Of Industrial I>sucs.
 While visiting President Obregon q delegation Of American business men representing oil companies interested In tho Mexican wells now are as surcd of some relaxation in tho Ln- favorable tax conditions established by past governments in that country. The effect of thn Visit has therefore been tu improve the market posi- ton of the oils and of the shares affiliated with them at the same time that the decision Of the Mexican Supreme Court Is adverse to the re- troartIvc provision of article 27 "f the Mexican Constitution. This inn
 provcmcnt thass cNtcndSd itself [" other departments of the market and the increase in value resulting from it has thus been considerably broad cncd. Industrial reports concerning the petroleum situation show an i'm proNemCnt 10th in demand ana in price. Rather better conditions in tho copper fields have likewise helped the value of sharcn in that depart ment and there is n good expccta- ton of Improvement in their export position within the near future. Al though the statement of United States Rubber showed a deficit the market had already fairly discounted the contents of the statement ana the stock has been strengthened raher than reduced by the announce- | ment.
 Another German Payment.
 Germany's payment of S150.000.0O0 additional in gold marks. on August 31. shows that the country IS at length applying itself to the task of | meeting the separations requirements | IL is a natural consequence of this | settlement that there should bc an upward movement in sterling and francs. but such fluctuations arc proba bly temporary. The arrival Of some important British and French in the near future. as well as the apparent fact that both English and the Continental coun- tries will have to import heavily of our staples during the coming two or three months. neccssitates a strong demand for dollars. which. in the a bscncC of some c.s,,. tional in- auences should tend to raise the value of American currency relative ly to that of foreign countries at least deGrec. The continuation of very heavy imports of gold into tho United States has now brought the estimated net gain of that metal for the first eight months of the year up to near $500. .00O.O 900. This. while it the reserve strength of our banking system, tends to iu- crease the difficulty of n restoration of normal trade conditions. Ac- cordinE to statement of the F'ed- craI Reserve bank of this city. loans of the Federal Reserve banks de- cIined more rapidly in July than in any previous month since the maxi mum of credit expansion was reached last year.
 Market Review and Outlook.
 Better demand for most classes of shares has prevailed throughout, the week Tho prevalence of higher prices was partly due to short cov- cring, but was also in part the re- suit of n genuine feeling of hopeful n Ass with regard to the future. Values arc low. but unfortunately buyers continue scarce. On the speculative side of tho market there has been no particular change in OK pt that an overeXtend- ed short interest has been somewhat reduced The bear account is still large to make it vuln~r- ablc should the demand for stocks undrgo any appreciable increase. There is renewed demand for bonds. New issues are easily absorbed and even tho floating supply of old is- sues is being taken mp by invest ors who feel that with comparatively easy money assured for long time ahead no better opportunity than the present will he afforded for in- vestinE safely and at the same time getting in large returns. A demand for bonds is usually the prelude 10 increased inquiry for the shares of strong railroad and industrial cor porations.
 HENRY CLEwS