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Show SOLDIER BONDS ! MORE PROBABLE Elections Also Point to Repeal of Railway Transportation Trans-portation Act WEEKLY FINANCIAL OUTLOOK B STI IRT P W EST --lie. ial Cjrri-.WMuJcn of The siand-aixi-Kxanilnor. (Copyright. I'.m by The .Standard-Examiner. .Standard-Examiner. ) NEW' YORK. Nov. 11. The main evente of the past week In the fin an -J i-lal markets hae been the astonish -, Ing turn about In the elections, the In- .sod uncertainty thrown about the European outlook by the failure of IU Berlin conference on reparations to accomplish a soltlon of th.- dilemma and tho further Btgna of recovery in Italian finances that have folNaiVfd the ' -.-nt political revolution. The elecUon results enter into investment in-vestment and speculath e considerations considera-tions In at least four different phases. First, they threaten tho continuance of the high tariff echedules upon which part of the rl6e in many individual indi-vidual security values has be n founded found-ed during th- last 1 J nionthe ..Second, ! they seem to Indicate a decided ma-j ma-j jonlv In favor of soldier bonus legla-I legla-I lation which would create extra burdens bur-dens either In the shape of higher tax ' or new security Issues Third, they undoubtedly un-doubtedly will be accepted by the po-' po-' Htlcal leadera ua proof of widespread ! discontent on the part of labor with ' the present transportation a t and its provisions for safeguarding capital ;i I well as the wage earners. Fourth thc suggest encouragement In a general , way to radical measures of all kinds. CONCERN ER CONGRESS Probably it Is a safe assumption that there will be no extra session pi th- new sixty-eighth congr.-sr, railed next spring over summer. In this case the new body will not convene befon-December befon-December 1923. and any changes in the tarltr will be unlikely before y L' 4 . j But on the other hand, the Republican Republi-can administration with its thoughts , on the election two years from uow. I may read Into last Tuesday's upheaval upheav-al a mandate to alter Its present pol- . Icy of conservatism. It may give In on the soldier bonus mattery. It may cease to oppose the repeal of the transportation act which would do away with the labor board. These are possibilities which make the coming j session of congress a subject of more concern In financial circles than it Was before the outcome of last Tucs- j ; day's voting FRANC E FACING il FEAT l All that can be gathered from ca-1 ca-1 ble advices as to just what happened at tho Berlin reparations conference Is that tho conferees failed to agree Upon any feasible plan for working out the problem of stabilising marks at the sume time providing for future Indemnity In-demnity payments. It is also clear that the English reprnaentat i es adhered ad-hered to their view that nothing can be accomplished unless Germany be granted prolonged delay and that tho French representatives are no longer I so strong In their advocacy of drastic ' j measures of enforcement, perceiving the practical difficulties in tho case ; PnU.CS Is facing a deficit In 1923 of 1 between 4.000,000 000 and 7.000.000,- J , 000 francs which will have to be met i either through the floating of Internal Inter-nal loans or through the inflation of paper note currency. INVESTORS HESITATE The French treasury has set Its face ! grimly against the policy of Inflation! but It Is a serious question whether French Investors will be willing to take up another hugo loan of govern-meat govern-meat bonds where, there la no ossur- , ance that security against flies can be reckoned upon In th" shape of reparations rep-arations payments. The decline in franc exchange to tho lowest since January, 1921 and the; nerslstent weakness In Frem h govern- i rnent bonds are, signs of a genuine fear that In the end. further paper not expansion may have to be resorted to In France, as It has been In Ocr- many. Ll RU AT A NEW' HIGH Italian lire touched a htch this week , of 4.35c as compared with a low of j 3 83 cenLs just before the establish-ment establish-ment of the new political regime a fortnight ago. This recovery is proof that banklnK circles take seriously the ' Fasclstl program of reform which In- , eludes the elimination of unnecessary government bureaus, the reduction of expenses and the transfer to private lunds of enterprises like the railroads, and telegraphs now under public control. con-trol. STEEL PRODUCTION rart from the European uncertainties uncer-tainties and the possibility of altered political policies at hom the sltua tlon Is satisfactory. Sted mills are engaged up to 75 per cent capacity as against 70 per cent a month ago. Car loadings are well up to the best they have ever been In the history of I the country. |