New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-05-09


Here's are few of the events which
Impaired power to Che upward course
Of securities:
Reduction OF discount rates by the
Boston, New York. Atlanta and Chi
eago Federal Reserve banks, the Bank
OF England and the Swedish Riksbank.
| Gut Of 20 per cent in the wages of
the employees Of the United States
Steel Corporation, interpreted as an in
dication that labor would assume its
share of the demands of defatidn and
that new stability in business would
be attained.
Marked Improvement In March net
earnings of the railroads.
Scrapping OF the national wage
agreements as Of July by the Rail-
road Labor Board.
Indicationa OF slight Improvement
In some branches of business.
Moreover. several other develop
ments, freighted heavily with stock
market significance, are still pending,
| Within week the world will know
definitely whether the Allies and Ger
many can peacefully agree as to the
precise size of the war bill Of the lat
ter. A settlement of the PREPARATIONS
question would set free healing infiu-
ences throughout the world of finance
and trade. It would be the signal for
the extension Of new credits and the
launching Of enterprises.
| Furthermore, on this side OF the AT
lantic the financial mind is fixing its
attention on the dehberation st Chica-
go Of the Railroad Labor Board, which
has been asked by the roads to author.
ize resembling Of the last wage in
crease, bringing the return to workers
on the roads to che basis prevailing
before May 1, 1920. Those who ex-
PRESS their opinions through the pur-
chase or sale of stocks have in the last
few days assumed shat railroad wages
will be. Debated
| The lowering OF the discount rate, on
commercial paper by the Federal Re-
serve Bank of New York has been
| followed by an easier credit tone. AS
the week closed banks which had re-
Gently hesitated about buying prime
commercial paper on per cent basis,
having demanded higher figure, re-
Taxed, and Indications are that this
week the outside market will become
stabilized at z per cent During the last
ten days the market has been on ~
per cent basis, with some cases reported
where especially prime bills have been
placed as low at Ga per cent. Although
the lowering of official bank rates may
be regarded as recognition of the trend
away from abnormal credit strain,
bankers hold that, despite the relaxing
credit conditions, liquidation will con-
tinue until frozen credits generally
have been thawed out
Fixed interest bearing securities are
enjoying better market as result of
two helpful factors One is the down
ward trend of money rates and the
other is the Iet-up n the outpouring
of new issues. Moreover, the fact that
the Northern Pacific Great Northern
Joint financing operation is behind the
market instead OF ahead is helpful to
sentiment. Indications are that for
the time being, at least, most Of the
important financing has been taken
care Of.
The powerful impulses OF men of
business for prosperity through greater
foreign trade were voiced last week at
the eighth annual convention at Cleve-i
land of the National Foreign Council. |
The recommendation that an independ-
ent government bureau, for the ex-
tension and expansion of foreign trade
be created, was stressed. Great Britain
has such an instrument.
The Department of Overseas Trade
was created in 1917. In describing it's
uses, the director recently explained:
In, looking beyond the immediate
present, the most casual observer is
forced to the conclusion that the
fiercest struggle for foreign trade
since cur merchant adventurers first
set sail will soon engage the whole
| fabric of British industry. For us.