Show GASH CASH EASEMENT WEEKS WEEK'S Thawing of Fro Frozen en Credits Lends Encouragement NEW V V NF YORK roni Jan 14 Greater H.-Greater Gi eater easement of mone money than at It an any period In several cars ui tiler heavy y liquidation of frozen credits and indications of ef business busi busl- ness nels revival were constructive of we weeK Jt in m ii 1 financial Less encouraging aspects of the early carlY day i o of the new year yeal were presented b by the tho European situation It I was considered noteworthy however that foreign exchanges exchanges ex ex- ex- ex changes with few exceptions actual actually strengthened In the face ot of tho the l French rench po po- 01 crisis Resignation of ot the Briand ministry and its Implications in relation to the arms arias conference the Cannes parleys and the proposed proposed pro pro- proposed posed Genoa Genoa assembly were nevertheless principal subjects of ot discussion and concern among international bankers Sl Stocks other than a Q few specialties I which declined to receivership prices moved to higher ground after ater several sev sev- several eral days of ot hesitation The bond showed consistent strength on a very large output in which federal war wal Issues and seasoned seasoned sea sea- coned rails registered highest prices of the he 01 past two or three years year Tho bo very email Imal gain In December tonnage tonnage ton ton- i nage nags represented by the United States Steel corporation caused little Itte surprise It I was wal I generally known leown In trade circles that independent inde Inde- pendent producers had been operating at less than titan 30 per cent of capacity in the final month ol ot 1921 Forecasts of ol better beter business conditions ns are based largely on authoritative statements statements state state- ments meats that most annual Inventories Involving involvIng ing lag drastic d deflations have been taken Further reduction ot of grain and cotton coton bills bis bisI Is I evidenced by lower discount and interest rates fixed by the federal reserve resene banks at Minneapolis and Dallas Dalas Comparatively few new underwritings Wale announced and these were chiefly Inthe in inthe inthe the nature of state or municipal al offerings Including a a Louisiana Louisiana bond issue Cuban and South bouth American financial projects projects are impending but new nw European credIs credIts credits cred cred- its Is are said to hinge on the te outcome of ot the rench I l French situation |