New-York tribune., 1922-08-21

the nfgnest point OF the year to date.
T The advance. in which the apprecia-
tion in value of standard Industrial
stocks was more conspicuously marked
tfisa the rise of railroad shares, meas
nred the judgment of professional Wall
Street as to the relation Of develop
ments at home to the market prices of
securities. Speculation was of more
moderate temper than in earlier move
menfs of this kind. Trading was not
attended by extensive pool operations,
favoring particular stocks or groups of
stocks, and the enthusiasm and activ-
ity associated with public participation
were lacking.
The market for investment securities
evidenced response to much the same
influences as the market for stocks.
The upward swing in this division was
smaller in extent and did not derive
the special momentum accruing to
stocks when technical conditions ac-
celebrated the rise following the. sharp
dip in prices as the week began.
In both instances the crop prospects
and reports recording increased earn
ing power of both railroad and indus
trial corporations, together with the
assurance that this autumn there will
be no money strain, abetted the ad-
vance. The beclouded condition of af-
fairs abroad was non-effectiye, except
SO far as it induced irregularity in
foreign government bonds.
Disbanding of the Allied premiers'
conference at London, signalling ina
bllity to adjust to each other the OPP
posed positions of Great Britain and
France in an effort at settlement of
Europe's financial and economic prob
lens, has produced extremely irregular
and conflicting movements in the for
eign exchange market. These have
been tempered or accentuated by the
day to-day news from foreign capitals,
reporting variously further deteriora-
tion III Germany's status, dissension in
the ranks of the Reparation Commits
sion and reconsideration of moratori-
| um plans by that organization and by
the respective governments along lines
that promise an agreement to carry
over to the end of the year at least.
Such disposition of the matter would
not be commensurate with the settle
ment hoped for from the London meet
ing, which was counted upon to bridge
the gap until such time as American
public opinion respecting the debts due
us from the Allies had been suf-
ficiently modified to warrant world
adjustment, but it woulds relieve the
Immediately critical aspect of Euro
pean affairs. The recall from Wash
lngton of the Parmentier mission, fol-
lowing the breaking up of the London
negotiation, has emphasized the rela-
tion of the United States to the situa-
ton abroad, rejecting the futility Of
further discussing at this time pro-
gram of French payments to the Treas
ury Department when payments to
France by Germany have not been as
sured. In view Of the uncertainties of
the outlook, francs were unable to
maintain their position and were sold
in heavy volume during several trading
sessions. Their absorption was only
occasionally on a proportionate scale,
and, excepting for brief rallies, their
trend was toward lower levels. De-
ferment of a settlement is only less
unfavorable to France than to Ger
many. which, as a virtually bankrupt
debtor in large amount, is most vitally
concerned. The quotation of marks has