New Britain herald., 1921-05-21
WEEKS REVIEW AND IMMEDIATE OUTLOOK
Henry CleWs, New York Financial
 Expert, Gives His Opinions
Especial to Sne Herald

New York. May 21.-Announce- installment of the German repara- tions payments in the form of transfer Of 15o,00o.o00 marks in gold or foreign currency gives evil dence that tho process of settling the obligation to .theAiliessis at length about to begin. The news has un- doubtedly been received with great favor in all financial circles. both here and abroad, and preparation is being made for tho furtherancc of undertakings which had previously had to submit to delay. Gradual loss of ground by the British miners in their effort to hold up English industry foreShadows the failure of the coal strike in that country, and a similar situation in the marine strike at this port evidently looks to comparatively carly resz szoration of peace with corresponding benefits to foreign trade.
 Favorable Forecasts
 The secretary of the treasury and other financial authorities have dur. Ing the past week made unwonted- fy favorable forecasts. predicting the development of cheaper money con ditions, better industrial demand, larger foreign trade and more stable exchange.
 Stabilizing Prices.
 Slight further decline in prices for the month of April has been announced by various price report ing agencies during the past week but their figures do not add mater sr m#h lvAn made known at the opening of this month by those who then made public their preliminary forecasts. There is still a tendency to even up' or "readjust" prices with a view to bringing about somewhat more fairly balanced price structure than that which now exists. This process has necessarily caused some lower ing of values in lines which had re- sisted changes; nevertheless it is clear that the downward price movement is about reaching its limit so far ss the rank and file Of whole sale commodities are concerned. Influential retailers. in a conference with Secretary Hoover. have under taken so far as they can to further the readjustment of retail prices both with respect to one another and
 
 Market Review and Outlook.
 The passing of tho Republic Steel dividend is only another evidence of the slackness in trade which is not confined entirely 10 the steel and iron branch. The failure of the di- rectors 10 declare n dividend has been without particular marked ef- feet upon the general market for tho reason that such action was an titcipated. Unfortunately some other arc adopting a similar policy. while still others are under suspicion. and this naturally acts as a damper on the market. The req son that owners of stocks do not take the situation more seriously is. of course. due 10 the belief that the turning point in trade has been reached and that six months hence a different story will be told. The progress now being made in lower ing the wages of railroad and in- dustrial employees is. of course, paw ing the way for reduced operating costs which will permit of renewed trade activity on livable terms. The chief source of anxiety is the idle ness Of a great many steel and iron plants and the expected cutting of prices in consequence. There Is. to he sure. much readjustment still to be accomplished fin certain lines be- fore normal conditions can be re- gained. and this naturally has a re- straining influence on would-be buy CTS. and is also responsible for such sporadic liquidation as is now talk ing place.