New-York tribune., 1921-12-12
Berlin Awaits
Settlement of
lndernnnityPlan
Conference i'm London on
Finances Affects Move
ments of Securities on
Boerse; Up, Then Down
Uncertainty as TO Future
Buying of Marks for Ameri-
can Interest in Amsterdam
Helps Support Exchange
Special Cable to The Tribune

Copyright, 1921. New York Tribune Inc.
BERLIN, Dec. 1.-THE sudden rise
in the value of the mark corresponding
with sharp break in stock prices on
the Boerse was the chief financial fea-
ture of the week The Boerse situation
continued uncertain throughout the
week. but foreign exchange ruled con-
siderably frmer, and at the end of the
week marks were quoted at 1S0 to the
dollar.
Nothing in the way of stabilzation
can be expected until financial negotia-
tions carried on in London by Dr.
Rathenau, Chancellor Horne and Min
lister Loucheur assume definite shape.
Whatever fluctuations took place
during the week they were determined
6y alternating pessmistic and optimis-
tic reports from London and Paris OF
moratorium and credit proceedings.
The dollar as we'll as other foreign
currencies took slight jump during
the week with the arrival of the Rep
aratons Commissions note saying that
Germany could not expect an extension
of the January and February payments.
This rise, however, proved only tempo
rary, due to the heavy buying of marks
in Amsterdam, behind which American
interests were represented.
Bank Failure
With the arrival Of encouraging news
from London the dollar took another
slight decline. which was stimulated by
the failure OF the Pfaelzische Bank as
result of exchange speculations.
Indications now point to the neces-
sity of the government obtaining
loan of 5O0,0o0,OOO gold marks abroad
to meet the January payment, as the
project for a large credit to the gov
ernment by German industry seems to
have gone to pot.
Stocks and other securities on the
Boerse presented situation similar
70 exchanges and fluctuated correspond
ingly with the mark. Following heavy
fluctuations during the last week banks
experienced terrific rush, SO much so
that orders had to remain uneXecuted.
The Boerse situation grew more uncer-
tain with reports of an impending fail
ure Of a whole line of financial institu-
tions.
In general, both exchange and secur-
ity markets continued confused and un-
certain The Reichsbank report showed
considerable increase in paper clrcula-
tion-nearly 100000, 900 marks-mak
ing the total above 100000 900
This increase breaks all records. The
country's floating debt showed an in
crease of 5,0O0,ooO,00O marks, bringing
the total above 26,oo0,oo ,OOO
Gold Mark Lower
The price of the gold mark showed
decrease for the first time in a month,
72 paper marks being paid for 20
mark gold piece.
While the rise Of the mark in the
last ten days is increasing its value
abroad so per cent, it will have salu-
tary effect on the purchase of much
needed raw materials abroad by Ger
man industry.
1t will for the time being prove in
furious for export trade, which must
deliver goods on large orders at rates
agreed upon before marks recent up
turn. Although export trade shows a
substantial increase over the last year,
it still lags far behind imports. This
years exports amount to 10000, 100000
marks, while imports total only 49,
900 900 600.