Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-08-27
BETTER NEWS FROM FOREIGN
SITUATION is REFLECTED BY
LARGER VOLUME IN TRADING
m. .IgaIta nfoLaAN
nv Wells Dickey)

The international situation shows no
very marked signs Of improvement.
The countries continue at odds over
Germany's reparation act, although
there seems to be promise Of a COM
promise between Great Britain and
France. While the latter country
has been holding firmly for payment
by Germany on the terms originally
outlined, insisting that she herself
would be seriously hampered unless
this were done, she has recently ex-
pressed a willingness to cut down her
demands from Germany if England at
the same time would cut down proper
tionately her claims upon France. The
breakup of the conference was sig
nalized by a continued weakness in the
mark, but by a strengthening in sterl-
ing. which has advanced about six or
seven cents since it became evident
that the conference would not reach an
amicable settlement.
The bond market seems at last to
have taken recognition of the foreign
situation and of the two major strikes.
For the last month or two these fac
tors seem to have been largely ignor-
ed. but now encouraging news is be
ing reflected in a larger volume of
trading, while any hitch in negotiations
results in a %stagnant market. Prices
remain fairly firm with slight ad-
vances in some groups, notably the
rails and the public utilities. Liberty
issues and some of the foreign secur-
tiles lost ground slightly. 1t seems
evident that prospective investors are
biding their time, buying only such is
sues as appear unusually cheap, and
waiting until the present Industrial
uncertainties are cleared up. This
fact, coupled with the very small vol
ume of new offerings placed during
the last month, leaves investment
houses to anticipate a heavy demand
for securities of all classes when a re-
turn to normal conditions arrives.
There is a plethora Of money with
a constant easing of banking rates,
which must ultimately be reflected in
higher bond prices. 1t is anticipated
that the fall bond market will be an
market was fairly quiet, with a small
volume of trading, not SO much be-
cause of a lack of demand as because
of the emptiness of dealers shelves.
The competition among dealers for new
issues is unusually keen and many
bankers are trying to persuade munich
p~alities to consider new financing at
this time, apparently without appre-
cable results.
Returns from the harvest fields
throughout the entire ninth federal re-
serve district indicate more favorable
yields than have prevailed for some
years. While the prices for farm
products have fallen off substantially
since new grain has been coming onto
the market, there is every indication
that those farmers who are able 70
hold their grains for a more orderly
marketing will receive satisfactory
prices. A large part of the income
from this years crop will doubtless
be used in liquidating present indbt-
edness. but this in itself will be a
healthful proceeding from a credit
standpoint. Many farmers during the
past few years have been holding off
either from necessity of otherwise
from making any other than essential
purchases. Now that their condition
is showing such a marked improve
mert. a wholesale resumption of farm
buying may be expected. These lines
of business catering particularly to the
farm trade should find themselves in
an unusually favorable situation.