New-York tribune., 1922-12-31

finance.
England's strength and Germany
weakness may be accounted the most
influential considerations that have
operated upon thc foreign exchange
market during the last Twelve months.
Two other elements, however, have had
almost equal significance iH dctermin-
i,, .b, co,rs. of ouotations. The
United States has maintained its posi-
tion with only slight impairment mas.
because OF the lack o. balance so world
affairs. continued 20 draw 10 itself tho
greater portion OF free gold stocks. and
has. ~ the same time, shown little dis
position 90 aid in world settlement
although necessarily certain indirect
benefits have accrued 20 other countries
from the situation here.
France. making slow progress IN the
roadlustmcnt OF her internal position,
has closely adhered 10 the policies i1
force since the war. She has been
ready 20 bargain but the tenancy OF
Office by her political leaders and. m
lesser measure, perhaps, her financial
and economic future have depended
upon her gaining IN return for any
concessions support against aggressive
attack and substantially equivalent re-
duction OF the sterling and dollar obii'
cations confronting her.
Americas Share
The place Of England and or Ger
many IN world affairs. their necossi-
ties and their capabilities are reason
ably fixed. a similar statement does
rot apply in tho case OF the other two
participants, tho United Statce and
France. Here. official statement rs
gradually being nodded TO conform
more closely % the view long main'
tained by bankers and business lead
crg that the United States cannot af-
ford 10 be Indifferent 90 European
problems and there is good promise
of moral. II not material assistance
20 Europe in the near future. Ia
France evidence also is beginning %
appear Of subOTdination Of prejudice
and political expcdicncy and o. an ap-
proGch TO the problem on saner eco
nOmic bases.
As Che new year starts another con-
ference for consideration Of the repair
ations question is scheduled 20 open
in Paris. During the year just ended.
such conclaves have been numerous.
tho most ambitious being that a.
Genoa. somewhat bccloudcd by the
participation Of Russia. and the most
specific effort 10 arrive az a business
settlement being the meeting Of the
bankers committee NJ Paris in the
spring 10 consider n German loan.
None o. these meetings has produced
settlement and their net achieve
mcnt has been the clearer delineation
Of the facts OF the situation and dcn-
milton Of the views OF the partie.pat-
ing powers. II may be said also that
Notwithstanding surface indications
there has been an appreciablc. II IN
determinate, approach TO q meeting
CT minds"
HoDes are not too high az the date
for the Paris meeting Of Dremiers ad-
varces and It's accomplishments arc
expected in large measure 10 depend
upon the extent 90 which the American
and French viewpoints admittedly in
the formulative stage and subject 20
huv, ere conduive 10 agreement Ameri-
can interest IN the meeting will be un-
ohic al and sympathetic but n will be
watched as eagerly as will the atti-
tudc Of France who will hold the cen
ter Of discussions.
There IS nothing comprehensive and
complete about the above outline, and
ID IS presented merely as the impros.
sions regarding some OF the basic cor
sidc-at.ors underlying ;hc course OF
The foreign exchange marset Of re-
rortcr, who. in his journeys around
the financial district. NECESSARILY caias
q composite Of the views Of intema-
tional bankers.