New Britain herald., 1921-05-14
WEEKS REVIEW AND IMMEDIATE OUTLOOK
Henry CleWS, New York Financial
 Expert, Gives His Opinions
Special to The HeraId.l

Especial to The ueraid.l
 New York, May i4.--Germany's final acceptance of the ultimatum of the Allies fulflls the predictions of the past month and warrants the op- timisn of dealers in foreign exchange who have held their bills for higher figures. There are still many serious financial problems to be solved in con- nection with the whole matter. as the publication of the detailed terms of payment clearly shows. Nevertheless tho technical acceptance prl the rep to practical consideration Of the com ing financing and of the share which we ourselves are likely to take there in. As soon as tho market has had time to digest the terms it should show the beneficial effect of the news.
 Better Railroad Prospects.
 The. better earning situation of the railroads as reported during the past week is again bringing the rails for ward in the investment market and transactions in these issues have as- stunned much greater activity than has haen true for senne time past. not wfthsta nding temporary setbacks of values. New testimony of railroad leaders before the Interstate Com, meroe committee has noiIsted to dis- continuance ef excessive government competition through low freight rates on ships. free tolls on rhe Panama canal and other forms of subsidy as thA most feasible -EaF of EsIierias the A in .s.,1, st. dS now fini themselves. Meantime. the economies already made are beginn- ing to bear fruit, and as moro and more railroad reports are made pub lie it seems plainer that many of the lines ere getting baes to a position in which they are abIs. 10 eeper their expenses out of current earnings. 1t is announced that the Railroad Board will render it's decision on the wage dispute on the 15th of next month. Thts is still some distance Of, but it is not doubted that tf1e roads will be accorded the right to reduce wages, and this continues to be the incentive for picking up railroad shares. ..r. Industrial Developments.
 Further decline in the thrilled or- ders Of the United States Steel cor poration by about AAo ,ooo tons for tha month of April brings the ordsrs now on hand down to the lowest level they have reached for long time. al- though the volume still remaining on the books is some 5.5o0.oo0 tons. The ,ry faature of the stael business does not lie in the volume on hand but in the fact that demand is still evidently falling off. recent changes not having sufhced to revive it. Conditions in the steel industry. however. are not paraueled in some other lines. there being a marked growth fin textile activity and a steady extension of demand in sundry other branches ct trade. The unempioy- ment reports of the Bureau of Labor Statistics show a technical reduction during April. but they do not take account of events since that time nor are their figures representative of the entire situation. feature of i'm portnnce is the prospect of a large wheat yield this year. This means much to the whole world in the mat ter of lower food costs. besires giving the railroaus good hauls.
 Market Review and Outlook.
 Market activity haa continued on a substantiauy high level during the past week. although the purchasing  has not been so well sus- tained as it was during the preced- ing week and reactions have occurred ia various issues. Tha outstandinS: feature of the weeks .trnnsac- tionr has probably been the rel atively greater strength of the rails and the losI of ground by the industrials. No very good reason for this state of affairs can be assigned other than the delay of tho readtust- ment process. The truth is, of course, that the market is regulated by sup ply and demand. and tho former, in the case of the rails, is small owing to the fact that no new railroad stocks have been manufactured for great many years. Buying in great volume. therefore, is not required to give them an uplift. There is no new reason for the selling of the steel stocks ex-
 fn sn ana iron