Evening star., 1923-02-11
BETTER TONE SEEN
|. IN WORLD FINANCE
Stocks, Bonds, Commodities
and Exchange Rates Show
Progress During Week.
OUTLOOK APPEARS BRIGHT
Austria Improves Currenoy-Ac.
ton Taken to Help German Mark.
Russia Obtains Credits.
OUTLOOK APPEARS BRIGHT
BY BYRON SELLER.

Special Dispatch TO The Star.
! NEW YORK, February l0.-Stoclls.
! bonds. commodities and for while
rates of exchange, too, advanced this
week. There were quite violent up
ward movements in foreign govern
ment and municipal issues as the
I Turkish situation went from a state
( OF confusion and uncertainty and
! then back again to apparent settle
! ment.
: Liberty bonds had a two-day spurt
{ which carried the fourth Ans, the
most popular of the group, nearly 1le
: points beyond the level Of the previ
Gus week. and this because of the
! intimation that Great Britain. in
! furtherance of her plans to meet the
principal and interest of her debt to
I the United States. would purchase
I libertys from time to time and pre-
| sent them in payment. gaining by
the operation when she was able TO
make purchases at a discount
Better Tone in Bonds.
Corporation bonds were influenced in
some instances by earnings which re-
stored confidence in them, as In the case
of junior mortgages of railroads in none
too good credit and in others, where
they appeared to be out of line both as
tiles. There is always phase OF
speculation in stocks during which
bonds of the quickly fluctuating type
come in for their innings. This has
happened during the recent period.
when stocks have had an average of
over 8 points.
1t is an evidence OF improving in
duStrial conditions and OF strong con-
fidence in domestic surroundings that
-urities since the Ist of FEBRUARY,
,t.IIs - -
plenty OF occasion for discourage
ment in the daily news from Europe
with no solution apparent for a sit
uation that constantly became more
complex as France penetrated
further into industrial Germany and
Turkey excited the worst passions OF
the populations in perpetual ferment
IN eastern Europe. There is neither
political nor economic logts in the
expectations that things will mend"
abroad. though there is steady faith
and growing one that this year Will
see us over the worst OF the trouble.
Austria Improves Currency.
Austria has indeed begun to i'm
prove her currency situation and Aus
trian crowns are apparently sta
bilized. Steps were taken this week
10 check the creation of linitleSs bill
lions of German marks, though the
momentum is so great that oppoSi-
ton may be overTidden. Week by
week some ne" evidence is given Oh
confidence in Russia's recovery by the
placing of moderate credits at the
disposal OF her traders or merchants
and the making of business connec-
tions in Russia by men with shrewd
banking training.
1t would not require such intricate
processes Of reconstruction as per-
haps we are led to believe if only
start could be made in some fallow
soil. For this reason the acceptance
by Great Britain of the debt-funding
gress will support the debt COM
missioners and agree to their pro-
posalS has encouraged more hope for
Europe than any single plan since the
armiSticc.
President Harding. in his message
TO Congress-. proclaimed the under
taking as "a convenient piece of re-
Cuperation" and the debt commission,
of which Secretary Mellon is chair
man. regards the settlement and
adoption as "a most important con-
Rise In Commodities.
The rise in commodities 10 one
phase of the secondary imitation talk
ing place. This week there have
been further advances in iron and
steel products in crude oil, and in
sugar. Copper metal Is about as high
as it has been for several years. En-
Eloyment agencies report a great
dearth Of clerical labor, steadily ris-
ing wages for such labor and an ap-
pro,iination in this respect of con-
ditionS prevailing in 1919-1920. How
ever farm labor wages are reported
as lower.
Luxury buying. which gave retail