New Britain herald., 1921-10-08
WEEKS REVIEW AND IMMEDIATE OUTLOOK
Henry CleWs, New York Financial
 Expert, Gives His Opinions
Especial to The Herald,

menu or zdenn1re program for the disposal of taxation and the tariff at an early date has been made by ou- thorized spokesmen of the admins tration. It may clearly be expected that some action will be had within 8 reasonable time. This should prove encouraging to those who have been obliged to, delay business decisions because of uncertainty as to the policy of the government with respect to taxation and the tariff Meantime the, unemploym ent conference has plainly developed the fact that the number of men out of work in the country is very much less than has been asserted by government statis- ticians. Whatever the volume of un- employment may be, it is at all events in process of being relieved through expansion of industrial de- 1nands.
 Better Productive Prospects.
 Reports made public by the Ted eral Reserve board show a decided ly better productive outlook Many plants that have heretofore bean running on extremely short time have within recent weeks enlarged their activity. It would seem that in number of industries where the vol ume of output has been down to a small fraction of capacity there is now at least 50Ro or more activity. There has been no slackening of demand in industries manufacturing for con- sumption, although textile makers have been subjected to more or less uncertainty by disturbances in the cotton market. These have tended. fn o1o ~F
 man in some directions, a condition which, however, is temporary, pend ing the arrival of more settled con- dition of the market The growth of export trade within the past few weeks has been decidedly encourag- ing, especially in view of the fac. that the difficulties existing in certain South American markets have been so largely relieved. August earnings of railroads, as now sernf-o officia Ely estimated, are likely to run well to- ward $90,000,000, a satisfactory gain above those for July, which were them selves upon a much improved footing. Many products which have heretofore been nearly unstable are beginning to move. Included among them are oil, copper, hemp and leather
 Further analysis of the new trac- ton report .has produced great diversity of opinion. Traction se- curities have not responded very seriously to the report, owners evil dently feeling doubt as to the effect of the recomm endations either way AS a future influence in the market for public utility securities, the re- port must not, however, be nlini- mixed.
 The Credit Situation
 Progressive improvement of credit conditions continues to be observed. The last report of the Federal Re- serve system is especially noteworthy for the improvement it shows in the condition of the Southern and West ern banks and for the decrease In the degree of their dependence upon the Northern and Eastern ,institu- tions. Rediscounting between Fed eral Reserve banks has been reduced to low level as compared with last year, and country banks are now de- posting more freely than for long time with city institutions. A tenn porary advance in money rates around the first of the month was due chiefly to special demands connected with the October disbursements and have now once more disappeared leaving prospects better than at apy time heretofore for an abundant sup. ply of loanab1e cash. Reduction o1 the. Philadelphia rediscount rate to s
 per cent reflects this situation. Al
 ready the high interest rate offering.
 of t5e past few months are showins
 material modification the cost o1
 money on a given type of security being fully 1 per cent of, as com. pared with the situation of las spring. Prompt absorption of the
 new Argentine loan shows that tn.
 investor is looking with 8 more fav.
 orable eye on foreign securities. Ar
 rangements have been practical,
 completed for meeting the British
 and French securities in the marke
 during the autumn.
 Market Review and Outlook. Thre has been hopeful situation
 in the market during the past week
 although trading has not been as ac ! tive as some had expected. Oi
 prices continue to rise, and most O
 the oil stocks in consequence nr'
 showing firmer front. The coppe.
 shares have been in somewhat bette
 demand on the statement that thu stocks of copper on hand Septembel
 had been reduced to 405,000 shor