Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-17
ECONOMICFATE
OF US. LINKED
TO OLD WORLD
Enthusiasm in Business Is
Checked by Horseplay
at Washington.
SLIGHT ADVANCE NOTED
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.


NEW YORK, Oct. 17.-Although sew
eral developments exercising a specific
influence in one direction or another have
contributed to produce a moderate
amount Of activity in stock market
operations and a favorable effect on SEN
timent, the general feeling in financial
circles is less hopeful and confident than
1t has been recently. 1t is possible tina:
the evidence of Europes unsettled con-
dition which has been brought strik
ingly to the forefront by the break in
the mark to the basis of 40, and the IN
certainty over Silesia have once more
brought home to US that we are not iso-
lated from the rest of the world, and
that our own economic fate is INSOFAR
ably linked with that of the troubled
Old World
Another factor that tends to chill the
constructive enthusiasm of many persons
is the political horseplay at Washing
ton. There does not seem to be much dis
position TO criticise the executive branch
of the Administration, for the President
and his official advisers have been
thoroughly committed to a policy of re-
trenchment in expenditures and helpful
accomplishment. There is a feeling that
the sO-called agricultural "bloc" is max
ing a strong play to the galleries and is
stirring up a sectional spirit that augurs
i'll for putting any broad program If
achievement into effect. The action Of the
senatorial coterie in regard 20 taxation
has been extremely disheartening, for 1t
should be known to them that the country
cannot be prosperous with enterprise held
in check by excessive taxation burdens
and that any attempt to shift an undue
proportion of the load onto the shoulders
of few means that the leaders in enter
prise will find their load too heavy for
constructive effort, thus resulting in an
adverse reaction throughout the whole
country.
SOME LINES OF
TRADE IMPROVED.
So far as business is concerned I'm
provement is pronounced chiefly in those
industries where liquidation is complete
or a revival has been caused by intrinsic
economic strength. Copper furnishes an
example of the first, while oil and the
building trades illustrate the other.
Copper is improving simply because pro-
ductiOn has been reduced to a minimum
and a moderate demand is gradually de-
pleting supplies. Attention has been
called heretofore in this column to the
strong position of the oil industry, as a
result partly of the lessened production
of Mexico and the stOpDa@e of drilling
operations in the United States
Our building revival is Of an intensive.
though somewhat sporadic character. 1t
IL more pronounced in the greater New
York district, New England and Middle
Went than in the Northwest or the South.
Salts: les show that the construction is
IH~gely in the nature Of home building.
The lumber industry has responded sharp
ly to the IL @reased demand for building
material
LiquidatiOn also appears to have about
run Its course in the leather industry.
On the other hand. the position Of sugar
lacks as hopeless as ever. The sugges-
tian made Il short time ago by one Of the
aiding New York bankers to take 1.000-
eco tons of raw sU=ar. refine it and sell
= 70 Errcpe on credit appears to be about
~ only measure that would give even
IL Moderate decree Of relief at present.
The vogue of the rails appears to have
fdtteHed out for the moment. The cheer
inc impression created by the large
August net is dissipated upon analysis
Il ,,osinr the manner in which mainte-
nance and equipment have been skimped.
The bill must be met some day, and
clever bookkeeping will not ward off the
ultimate demand. The railroad funding
bill must lie passed and become operative
before the rails can fully regain public
fayor.-Copyright, 1921, by Public Ledger
Company.