The Washington times., 1922-06-18
Weekly Financial Reuie1
BY HENRY CLEWs,
of Henry Clews & Co., New York Bankers

NEW YORK. June 1.-THE as
sembling Of The Hague conference
on the 18th of this month has been
the most important event OF the
week in international matters, and
opens a new era in the discussion or
the Russian situation-that topic
constituting the chief matter for
consideration during the confer
ence. Meantime, the attitude OF
France in refusing any modification
of reparation terms has necessarily
led to the closing Of the bankers
conference without definite results,
and with the indirect statement that
until there Is unanimity among the
allied governments a German loan
Of large size would probably not be
favorably received. This situation,
Of course, 10 giving rise to disap'
pointment, though its immediate in
fluence on our market is relatively
small.
Important Federal Legislation.
During the week. the bonus legis-
lation has assumed greater and more
menacing proportions. The proba-
bility now seems to be strong that
the measure will go through the
Senate, and that the Executive will
have to decide whether to veto II or
not. That he will do so, in the alb
sence Of provision for means with
which to pay the bonus, there Is
every reason to believe, but there Is
some indication that the measure
may then be passed over his veto.
This necessarily offers a situation
which cannot be ignored by the mar
ket, and has its psychological effect.
Trade Improvement Continues.
Better untitled orders announced
by the United States Steel Corpora.
ton, the increase in the output Of in.
got steel, and steadily improving
prices for all classes Of steel products,
have combined to demonstrate the
rapid advance Of the industry toward
normal conditions with the beneficial
reflex influence always exerted by
steel Improvement upon industry In
general. The much improved outlook
in other lines of business is shown
by the greatly increased strength OF
buying demand and the upward ten.
dency of prices in q number Of diff.
ferent lines. Great strength in all
classes of building materials bears
witness to the continued activity of
the building movement, and there is
an unmistakable advance In the de-
mand for many classes of products
which have heretofore been compare
lively inactive. Declines In the most
recent export figures. showing re-
turns for May, have been overstated.
the falling off being only $4,000, 900
below the average for the past eleven
months, while imports increased
some S37, ,0O0,0 This latter increase
Ia plainly due to advance purchases,
Intended to anticipate the tariff, and
made because Of the broadening
character of domestic demand for
consumable articles.
The Industrial Situation.
The strike situation continues to
be among the most troublesome
phases of the business outlook. For
a few days there appeared to be
fair prospect Of adjustment In the
textile mills, but this has, in q
uation has developed In the coal
REGIONS, but 10 relieved in a meas.
ure by the fact that non-union pro-
duction of coal 10 being well main
tained, and that there is a good
supply Of coal in many Industrial
plants and public service enter.
prises. The coal situation 10 un-
doubtedly regarded rather more
seriously by the market than has
been true Of late, but II has yet
to make itself felt as an important
factor. The administration at
washington has at length begun TO
take an active interest In the sub.
ject, and win from now on. no
doubt, continue the use Of moder.
ate pressure 20 secure some agree
ment. and at the same time protec-
ton In price for the consumer.
This tends 20 mitigate Q condition
Of thing. which mieht cthsrwiss Be-