New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1921-07-16
BRITAIN L1.iLl frnaLD, oA4 U>I,A1, JULY TO-
WEEKS REVIEW and
IMMEDIATE OUTLOOK
Henry CleVs, New York Financial
Expert, Gives His Opinions
(Special to The Herald.O

(Spec1di TO Inc Herald)
New York, July 16.-President
Harding'sl invitation to the principal
allied and associated powers 10 join
in conference for the discussion of
armament questions, and if possible
to evolve some settlement of Pacific
problems has been received as the
most positive evidence OF national
leadership for long time past. -Ac
ceptance by some of the chief Eur
opean nations ensures thorough
consideration of the whole lnterna-
tIonal situation. Meantime, con-
cluslon of working relations between
the United States and Germany
should go a long way toward the i'm
provement of the trade situation.
Steps Toward Tax Reduction.
In another way the week has been
notable for national Intervention in
important business affairs. President
Harding's attempt to bring once more
to the front the question of tax re-
vision so long neglected by congress,
and the support he has received in
many influential business quarters,
shows that this subject will not, after
| all, be indefinitely laid aside. Taken
| in conjunction with his bonus bill
| recommendations, noted last week,
alive to the needs of the business
world, and prepared to assist in pro-
| noting legislative progress when
necessary. The market has received
the statements of the president ac-
1cordingly at a very hopeful augury.
Effect on the general tone has been
] CORRESPONDENCE good and action 10y
congress in line with the presidents
| tax recommendations, which is now
promised within two weeks in the
/ house, should prove even more
stimulating to those who had lost
confidence in the prospects of gen
une relief from present tax evils.
Business is Hopeful.
The better legislative prospects
4 coincide with a hopeful attitude on
the part of business. From many
quarters there are statements of bet
ter conditions. Our foreign trade
figures for June, just made public,
show an upturn in exports for the
first time in about eight months, the
increase over May amounting to
.lsome $1O,D0o.000. British buying Of
/ staples in this country is increasing,
! partly for seasonal reasons, but part
ilya1so because of the fact that re-
lcovery from the effects of the coal
Istrike has now set in. There is
| well sustained demand for textiles,
leather, shoes and other articles Of
lconsum ption. Price REIMBURSEMENT in
steel and iron has apparently had
| but little effect thus far, it is true,
but time is required for the effects
of changes in the basic trades to
make themselves felt, and there is
general belief that revival of steel
land iron nd of ho
/ trades dependent, thereon will de-
velop in the: autumn. Meantime, the
prospects of agriculture continue to
| be pretty generally satisfa Glory, with
1 a trend of prices on the whole up
ward. Financial adjustments that
4 are being made now bid fair to give
lal1 the aid to the carrying and move
ment of crops that is essential.
There is still sore spot in the sugar
Industry, which is having a serious
effect upon sugar stocks listed in this
market but conditions are apparently
in fair way toward rectification.
Market Review and Outlook.
Relative inactivity in the market
1 during the past week was the natural
4 reaction from the perhaps unduly
large volume of business consequent
i upon rumors of legislative and
financial action of various kinds dur
| ing the previous week or two. At all
| events the stock market has been
1 unusually quiet President Harding's
4 request that the unWarranted ne
l troleum. duties be abandoned has
helped restore a more normal condi-
ton in the Mexican oils Sugar con-
tinues feverish for reasons already
| evident. Outside Of unfavorab1e
/ \
| ment among the trading element is
arrayed against the market, based On
| the very slack demand for stocks