Show OUTLOOK GOOD LOOD I fOR BUSINESS Decline in Exchange Is Ignored Generally By Speculators 1 BY UY BYRO rn r 1 Cone Cone- I 1023 NEW TORK YORK Jan Jn I 6 The Tho Th cloe close cloeo of thel the first business week of nf the new year yar finds financial and com corn commercial commercial mercial quietly confident or of the timo future ori i The unfavorable features feature chief among which Is la the tho th declIne n n the are ar generally Ignored It ItI ItIs I Is not a little hUlO remarkably that the sharp bieak blek In ster sterling and the tho th new ne record low for tor French franci rand hould should have hav had so little effect on Investment or opinion as reflected in the tho market but such uch Is the tho th fact tact the past pat three years y econom economists lots Its In re the tho th past and Slid fore fore- forecasting tor cUn casting the th future futuro have hav been ben put put- putting tins put tug ting the th chief atred on the th chaotic conditions condition abroad and anil the reaction such auch uch conditions might bo be b expected to base hav on prosperity at horn home hut bul bulso so far that reaction has hM ha been ben of small importance It is JS truo that the tho wheat grower rower has I front the Cite th world orld s n surplus of q his product and that the th opper pro pro- producer producer pro producer ducer finds ls difficulty In finding for for- foreign foreign tor eign customers but these thee thes a 0 cx- cx ex exceptions t a DISCOUNT SLUMP sunn Domestic business has run on 1 I accord with trade trad and aDd money ten ten- ten tendencies on this sido aldo end and w is much attention to s In Europe So tho lImo community ity has watched with Ith t th the slump lump in the but b haS refused to 10 bo be b In this connection the way ay In n which French dollar bonds bond dee lt In Inhere hero here have havo hav been held up re cl dloss of the fall tall In francs franca ha has no little comment There Ther j s of ot COUrse no logical reason wh h a bond of the French gO ps p pable able principal and Interest In should hould fluctuate In mark market t price with the th quotation for French Frech cur cur- currency cur currency rency and no one on suggests su al that I ilme h French people would eV ever r al ii ow 0 their own On financial tu to interfere with Ith the tb aenice Ire on nn their e debt which by y the thc Is Isa isa a trIfling proportion of ol their Still sentiment In these thee matters I is often more mort power power- ful powerful than logical and might have havo been anticIpated that the doubt In French financial position w are areso areso arso so eloquently reflected n I the lh h e e e would have caused con con- concern con concern cern corn among American holders ot of French securities no matter In what currency payable REPARATION PRO It I Is perfectly po possible that such n will bo manifested al 11 t any time anytime but this week at least nn ant to dote date dat it has been conspicuous b by Its It absence That bIng the cue case It em seems reasonable to suppose that any solution of the reparations problem sufficiently broad to 0 to- to rene re ne hose the th French financial attain would be b followed by renewed ed In- In estment In the tho th rench dollar bond Such solution however It must mut bo be b admitted dos does doc not eem cointo to be b In sight although is h oth hoped for tor from the tho th of the International exports export Meanwhile MClin there thoro th ro has h been good absorption of th the tho middle and see sec second sec second ond Out grade trad ln IlI bonds Jon Jn January nary uary I is a a traditional time jr r Ih thu investment ro of o Interest a act ace dl I disbursements and these th-ne dl- dl disbursements burs ments have hav been un large this lear icar car There Ther ha has hai brn no rush to buy nor DOl was there any an- an anticipatory rise ris In the th bond market Buyers seemed to feel fel te l that the thc had plenty of time to acquit de- de securities before sea a any substantial advance In tile market t They hate har also alo give th the preference to obligations on which the th I is 1 at least lAif ei per percent cent OPINION DIVIDED There Ther has been no weakness In bonds of a high grade erad but the tho has haa ha been ben shown hown future Opinion l us as to the A fu- fu fu Iture ture of o the tho th investment market maret Is not a unit On the th other hand handsome some soma theat observers expect that tho th ease In money mony and tho the abundance of rund funds will result In ad prices for hIgh lin grade securities fore teo On the th other hand thoo thoe thoi who ho wh tore tore- see sea business a substantial iner-aso iner In busi busl- busl- busl ne ness antI and con demand demend consequent nt de- de de mend mand for tor money for commercial purposes do not noi look for l quotations for tor the beat b tt bonds Land l lImes he hold that securities dependent In greater degree upon tho rii-in rii i or the th buIn business Outlook oC the tho th corporations corporation concerned will willbe be In greater demand and Judging from th the tho action of the market ct this snook ek i the h atlis 8 tor Is tal bIting the th middle course cOUe KERS SLOW SLOn While there is a k largo large larf amount of or orne ne new financing cle scheduled for or this mouth month Investment IlI bankers ar ate In InnO inn nO haste hUlo hast with their offerings offering They too t em I seem to feel confident that their opportunities for doing a 0 profitable business bulnes wi wl I 1 not pass ps In Ina la InI I a moment There Is Ie a go foe goc deal dal ot of ra hoid refunding to bo don on land the publia Utilities are s I in need e of f capital a for o on oc c h stIll lI lIf lIb lIa b be Offered e c l ln in n industrial lt 1 obligations I 1 not so 0 o evident The tact fact what ha has hai come to be one of the tho lITe o of American industries nam lv the manufacture and sale of or tuomo bile biles Slid and la- la motor moto tru ks u iti that there la Is i so 0 Utile litti can call for lor additional Itself un vv S The capital in motors motor passenger care and truck I is at ono one billion l n four 0 hun hun hun- and an un fIfty mIllion the the dolla dollars and anti lover Industry last lear car over men loon I and ana paid nearly In ID wages n ri- ri the leading producer firs enormously Strong trong of one ODe 1 bo balance public thi manufacturer shows caSIl mado and all nt s In of current liabilities 10 1 and ed cd funded edn no fund rUDd- I |