New Britain herald., 1921-10-01
WEEKS REVIEW AND IMMEDIATE OUTLOOK
HatDry CleWS, New York Financial
 Expert, Gives His Opinions
Especial to Herald).

"
 New York, Oct. 1.-President Hard 1ng's unemployment conference is the outstanding event of the week in a governmental aspect, and again con- firms the opinion that has long been entertained by the community con- corning the presidents desire to do all he can in the aid of business The concrete proposals of the conference still remain to be developed, but should at least result in bringing about cooperative effort toward the inn provement of conditions
 Consolidating the Railroads
 Several factors have influenced in an important way the attitude of in vestors toward the railway shares Their growing earnings and the bet ter prospects which have led the banks to purchase car trust certifi- cates, as freely as they have, is na- turally improving their standing in the eyes of investors. Announcement that the Interstate Commerce com mission Is definitely considering a proposal to consolidate the railroads of the country into some 19 or 20 large systems, taking in all the roads operating 1000 miles or more, is not yet a market factor, but is certain to exert most far-reaching influence upon securities from the investment standpoint. One early influence of it would undoubtedly be that of promot- ing speculation in railroad issues based upon the probable effect of such consolidation in creating a de- mand for outstanding stocks. The fact that the amount of securities to be issued by each of the consolidated en- terprises is not to exceed the physi- cal value of the constituent lines would furnish the basis from which such speculation would start. Public hearings before the commission are to be undertaken, and these will be a market factor of utmost importance The plan of readjustment of New York City Railroads offers many suggestions, some of them apparently desirable, but is lacking in definite methods for the attainment of it's ob- jects. Whatever the results to be looked for, they are still far in the future.
 Business Still on the Upgrade.
 An increasing number of indication of improvement in business is to be noted. Important among these are the continued improvement in the steel trade, where sheet mills are now running up to 75 or 80 per cent of capacity in many instances, the growth of railroad traffic and earn ings, much greater activity in num- Der of branches of business which have heretofore been dull and decid- ed advance in the copper shares fol- loU ing upon reports of improved de- mand. Retail trade has held it's own remarkably well, and during the past few days there have been indica- tions of decided improvement in wholesale trade in not few particu- lars. Export demand has again in- creased and, if anything, the sales of goods that are being currently made abroad are excessive rather than below normal Prices continue to advance moderately, thus giving further evidence that the business de- .pression is practically past it's turn ing point.
 Market Review and Outlook.
 There Is still lack of activity on the Stock Exchange, but sentiment un- questionab1y has undergone a ma terial change for the better during the last several days, and this, as a gen. eral proposition, paves the way for higher values. Plentiful supplies of money; very much more satisfactory results from railroad operations; in- dications day by day that steel and iron and other branches of trade are reviving and the unabated demand fol bonds are good and sufficient reasons for the hopeful feeling now prevail ing regarding the share list. Danger of liquidation breaking out again i: not to be feared, for the reason tha there is no longer need of involun tary selling, and present owners O. stocks are satisfied to sit tight il yfhe firm belief that their patience will be rewarded before long. Tn threatened strike by railway train men, while not taken seriously, ha ! a more or less disquieting effect, t, the extent at least of holding bacl would be buyers. What the marke lacks at the present time is suffi cient buying power to keep the up ward movement going without inter A Eruption, At the moment good new
 n every description is without par ticular influence owing to the mar ket's sluggishness but just as 500 { as the general public are convince, that trade improvement has come t 2 stay 1t cannot be doubted that tn buying movement will quicken yer materially, as the general run o stocks is still cheap.
 HENRY CLEWS.