| Show I- I II I CONFIDENCE IN INS S EUROPE GROWS Foreign Bonds Going U Home Rail Rail Bail Outlook Is Clouded By fly BYRON Special of ot The Th Tb COP rl right ht 1923 YORK April AnY 28 Any At to forecast th h tempt Intelligently tuiI fliRt and commercial meets at the outset two problems both bolh political In n nature l ure The rho tact net is First wb whAt t Is tJ t b thc tO attitude altitude of the American g INv INv-I iv eminent and anI the American peu pe reconstruction In 1 Europe to toward ard f be bethe bethe and I the Hie h second Is s What Is la to I the of congress and of or the 10 to- to Jabor and agricultural Interests the railroads these TheO tO t 10 problems arc are fundamental Moro More I oro or less It in m regi-lar regi cour reaction follows folio trade activity and md 11 id PA h aeLion And Ana thc th C PA h Ana reveal follows follos reaction factors affecting each may I 1 I less 11 with sIth more moro or ion on but thel e is no way ay of or fore rore- to costing the solution of a 11 perhaps that Is not quit In the long Ions run hows the American people e correct ans answer PI t found the ah ahn alUa n s politIcal questions when once t f-arI f nand and adequately presented It is ia stil true however hoever that these do not lend themselves ES E'S to e ec mal S as do purel purely econom propositions proposItion ow ow as to abroad the lh 1 etI weeks week's de developments ha have hae e been lIS dis encouraging Thero There Is e c Laal l aera cry sign that the responsible i aJ-i era realize that prosperity In th tha country depends in a measure al least et on on stability boad and that foreign markets for tor our surplus co coi ecton ton and wheat heat are vitally In port I ant antAs As to the methods of co co operation t ith Europe there is still of oC cour COUN violent blent disagreement but this Is not the Iho place to discuss merits ot of o thy th dispute It Is sufficient to point out that snore more and more Int Interest rest is being 6 sho shOn n in the European n and nd that pessimistic view lev as to the outlook is no longer predominant BOMS S RIM RISE The remarkable Il ad In the maret for tor foreign bonds hoods this cek v ek k testifies to that tact fact It is doubt doubt- doubtless doubtless tj less true that a good deal of ot tnt buying of ot these securities has come c from abroad but some of ot It Is certainly due to the Increased sed dence of o American in Investors estors in for or- or securities a confidence Ich maY grow until it is possible to sell sellIn sellin sein In thIs Ibis market e even een en the properly indorsed ot of o reconstructed Austria a suggestion publicly this wee week but which hach would ouId hv been ridiculed three months a ago The Tue mere fact that hat the of new foreign financing being done 1 In this country is discussed shob ShO a change ot of attitude It J by any ony chance Germany and anil t hould como come to some Borne agreement this is new born bom favorable sentiment too to- t i- i ward card European Investments would d be enormously s The n s returns offered by the e bonds bond of some European n hono a present market prices would ouid prove e Irresistible to speculators as s nel el elI as asIn 10 In estor estol BLY Jt ADVICE It would b- b gratifying to be ho abic ab c to eay say that the progress similar to that made abroad is b being shun n n regard to the tho rail railways ays but such is not the case Here too the judgment ot of the market marlet may he be 1 e accepted as reasonably 1 Those whose business it is to ad- ad adIse ad lse ac lse Ise on speculation point out that rall railway ay stocks have hase not had the tho thoad ad ance enjoyed b utilities and In- In Industrials Industrials In In the bull buH market of ot th P past sear ear and a 11 half They uro ur o purchase of ot railway ay shares chares as 1 ki ly to be more profitable at till this tl tb than similar commitment th industrials All the he statistical tl- tl dence dence is on their side I C pre at new records tor for this time ot of year and not far farbelow farbelow 1 below the bet best for tor any ny time ot of year yea t harning statements for March sho hO gratifying gains over oer a 3 ear ear car ag ago o Granted a continuance of ot reason reson reasonable able the superficial v ow ew would be that financially speaking 1 the have bave the v worst of t their troubles behind them But hut railroad d drag dras- along alons alor I at their previous level and rail ralli I oa oat t dormant man bonds are een even more This applies to second grade ai and lInd e descriptions TV 1 hit speculative would be affected la h 1 earnings earning rather than to high grade bonds which are responsive e only to I changes change In the roone mone market markt Son e c cof of these second grade bonds bondi bond corn corn- con bino good security ser cN favorable earnings and 3 of ot six sir to se se ln n per cent but all to no purpose i a hI fr ir as a attracting either cither speculation or investment is concerned What is 15 the reason I The only answer can be concern concer over the political outlook The general financial situ at o on remains a as much the same s a-s last la I eek week It H business expansion tim at a reckless pace It will lIt a lOt bo be for tor lack ot of adequate arnin Henry Ford has joined those tho shO ho have been advising caution Meanwhile with tho the e o of wool sool and sugar prices do not ot seem inclined to advance W The Cli case e elot lot of suga sugar is the more notable be te cause cue of o the extraordinary adopted hv 1 I the government to fice file a 11 a decline The The banking posItion Is la s lust Just as strong as ever t la Is still sun a available tor for all lis needs Speculation In stocks stock Is at atI atlow atlow a alow low ebb and not excessive e 1 oven een en In I commodities The labor labo i about which so much has e b-e b eli b-eli n heard Is at least no v V worse orse |
