The New York herald., 1921-03-05
FINANCIAL NEWS
AND COMMENT
Presidents Inaugural Address
Finds No Reflection in
Stock Market.

Tha markets found nothing in tae In
auyursl address Of President Harding
yesterday with which TO impa:t fresh
impulse 10 business or prices. Stocks
were dull and irregular before the des-
patches arrived from Washington. and
they were equally dull and irregular
af.erwaNi The quality 0. trading was
the same as on Thursday and other
days OF the week; certain Industrial
issues we're depressed and others were
advanced by professional transac-
t.ors which had less 10 do with Mt
Hardlng's general suggestions FOR meet
,ng political and economic problems than
With events n the Industrial field The
passing OF two or three manufacturing
company dividends aided bearisA ef-
forts among steel and automobile &C
cessory shares. In the afternoon Mex
lean Petroleum was selected so- q
bear demonstration and there was ei-
fective selling pressure among tobacco
ard sugar issues, but survey OF
prices az the end Of the day disclosed
about as many gains rs losses. Can
money was at per cent.
The foreign exchanges continued firm,
and while business was as light as
AZ any time since the reparaticns con-
ference opened. It was evident IN banx-
ing comment that the altered German
attitude was mere OF factor IN the
market than It was on the preceding
dsy. The reason could be found IN the
days cabled news, which forecast what
has frequently happened before on 'he
German side OF an international arSu-
ment. namely, the granting Of conoes-
sions which amount to g complete back
down or an out and out retirement from
an earlier position. But the markets
had no tangible facts with Wnicn 10
deal In respect to the German Govern
ment's final word. Confidence that
/. the allied demands would be met. IN
main part ut least. was oaseo on N-
ports from London that fresh pro-
| posal would come shortly from the Cor
mans and would be shaped In mucn
closer accord with the British ana
French requirements. Sterling sight
drafts sold as high as S.soH, COM
pared with Thursdays rate OF S.sss.
A late decline left slight net iosa.
Scandinavian quotations were little
easier. and q recession o. silver 10
new low price of 3ib pence al ounce
j., Yaraon caux<d Chinese exchange
rates to fall back.
The points Of the Presidents speech
which were scanned closest in nnanciai
circles were those bearing upon foreign
trade. including the tariff programme,
taxation and measures for carrying DO
mestic business through the read1ust-
nent period. The address was found TO
contain broad references to these mat
.ers. all Of which were so completely
In line with prediction statements as
10 bring forward little that was new.
MIR. Harding's assertion that the United
States should hold aloof from political
con,mltrpents' and assume no "econoniS
obligations'' that are not subject 10 home
authority has already been subscribed to
BY many bankers and business men. but
in ,he opinion of others the adherence
10 a strict programme Of this sort will
hardly help In solving the more vexins
world problems. However. II Is patent
that the President sought only TO speak
in broad terms his specific recon-
mendations will doubtless be taken up
one at a time, presumably when he ad-
dresses Congress at the next session.
The chief item Of news In the In
dustrial field was the reestablishment Of
the prices of March. 1919. by one Of
the large independent steel companies
which lately had been quoting prices
lower than these Just what this stop
will mean h hard to determine. but IL
looks like recognition Of tho fact that
cuts have not stimulated new buying.
and It remains 10 bs seen whether q
reversion Of price policy which has had
some success in othsr Lines. notably in
textiles, will have q real effect upon
business