Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-10
STOCK MARKET
is IMPROVING
IN MANY LINES
Tendency Is for Betterment.
From Standpoint of Senti-
ment and Price.
CRUDE OIL ADVANCES
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

NEW YORK, Oct 10.-StOck market
conditions have shown no striking
change in the past week. The tendency
still is toward improvement, both from
the standpoint of price and sentiment
No one has paid much attention to evil
dences of scattered liquidation in certain
pooI stocks. and the liquidation that has
developed in certain industries and GER
tain companies, as for example the
sugars, has been taken as a matter OF
course. There has been far more dis
position to attach fundamental impor-
lance to indications of improvement, as
for instance the advances in the price of
crude oil. the moderate gains in the
steel industry and the effect of the grow
ing case and abundance of money on the
investment market.
In fact this latter development has been
quite pronounced in the last week. Some
of the Liberty Issues have worked up TO
a yield basis of AZ per cent compared
with approximately 615 per cent only a
few months ago. Bargains are disappear
ing rapidly from the list of git-edged
bonds, for the persistent and insistent
buying by investors, institutions and in
dividuals alike, has raised them to a
price where the return is not nearly as
It is believed the next development in
the situation will be drift toward the
more desirable preferred stocks, some of
which already have begun to reflect the
tendency in this direction.
CRUDE OIL
MAKES ADVANCE.
From the standpoint OF the stock mar
ket, the outstanding development of the
week has been the advance in the price
Of Pennsylvania crude oil. The falling
off in the Mexican Production, as well
as imports from that country. put re-
finers still more on their inquiry for
domestic petroleum. Stocks of oil now
stand about one months production
above the reserves of last year at this
time a rather insignificant gain IN view
Of the talk of over-suppIy and falling
off in demand. The sharp reduction IN
the amount of new wells now being
brought in augers all for an immediate
replenishment of supply. No one ex-
poets the present situation to result in
anything more than n gradual hardening
in the prices Of domestic oil shares, but
it is believed the basis laid for very
strong market in the petroleum issues in
the course of a few months.
The street is looking forward with
considerable curiosity TO the report on
the untitled tonnage of the United States
Steel Corporation which will be issued
tomorrow. The expectation is for an in
crease, and estimates range all tie way
from 5000 to 100000 tons. 1t Is re-
ported in some quarters that demand for
structural steel is increasing, and the
gain in building operations reported
throughout all parts of the country, ex-
cept the Northwest, tend to bear out the
impression of increasing activity.
COPPER SITUATION
Is IMPROVING.
One notable feature from a stock mar
ket standpoint this week, has been the
increasing frmness and activity of the
copper shares. Unofficial but fairly au-
thentic figures place the monthly con-
sumption and exports Of copper at about
100,0OQ000 pounds, while production is
now running on a basis of 100000 TO
100000 pounds. The continued curtaiI-
ment with the increased demand is grad
ually stablizing the copper situaticl and
laying the basis for renewed activity at
more profitable price level
The largest clouds on the horizon are
represented by the European situation.
the financial position of Germany and its
unfavorable reflex in Holland to say
nothing of disturbed economic conditions
In Great Britain. An echo of the British
coal strike made lis appearance this
week in the form of a brief lockout of
Welsh miners. The dispute was adjusted
temporarily, but the incident gives some
idea of the unsettled state sof affairs in
the industry of the United Kingdom.
More and more it is being borne home to
us that there can be no certain improve
mept or stable prosperity in the United
States while financial and economic con
dltlons in Europe are in a state border
ing on erisis.-COpyright 1921, by Public
Ledger Company.