Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-10
SPECULATION
GETS IMPULSE
FOR THE BETTER
Debtors at Banks Find Con.
ditiOns Improved With
Credit Higher. i
ISSUE CAUTION WARNING
By C. b. EVANS.
b Indian Daily Times

special 10 indiana Daily Times
and Philadelphia Public Ledger.
CHICAGO, Sept. 10.-The new impulse
that expectancy end speculation have re-
ceived even though it may not continue
at its present intensity, is a godsend
to the millions of debtors at the banks,
many of whom have long been in preeari-
Gus position. 1t has increased the value
of the collateral at the banks and has
saved many a nan from a call for more
security on his lean or a partial pay
ment thereof. Plenty of these people
have hated to SEE a banker on the street
or to go near the institutions which are
carrying him al0ag.
So far as world business Is concerned
it is yet too early to say whether the
new structure is made of granite or
putty, but it has en- elegance that pleases
us all. Certain it is that before we are
sure of a stable condition of affairs thek{f
viii be many n fuctuation and many q
day when the man of mereurial temperaS
ment will be discouraged. But sorrow
continueth for night and a modified
form of joy cometh some months later.
CAUTION WARNING
Is SENT OUT.
Caution Is the word now" said
keen man of affairs today. You in your
JbSb A4pNI Auuy NdlA Hlul al Olu SAOutI
if you want to. He will enjoy it. Eut
he stands where he can see the inside Of
the mill and knows all about the work
ings of the machinery while the rest of
us have to peer through a window filmed
with dirt, or perhaps we are trying to
look through brick walls. Some of us
wear glasses of Freconceived notions that
magnify eight into eighty, or are pos
sessed Of an economic theory that sets
a big effect running after a small cause.
One bomb dropped from the heavens, or
a dozen. will not wreck all the fortifica-
tions of the adversary or asphyxiate his
wiIes. We need TO get into a position
where we can clap our hands, not our
ears
The present uplift is speculative.
That fact does not condemn it by any
means, for speculation is an essential
part OF trade. Moreover it is based
largely on the buying Of strong people
for good and sufficient reasons. One
would be captious not to admit that there
was reason for the rise in cotton though
it may have gone too far and though it,
may go half way back to the minimu1ll
price of this year. Also there appears to.
be good ground for the rise in grain.
and for the expectation of still higher
prices for wheat. The worlds supply of
that commodity is comparatively small
and the world needs greater than ever,
COTTON MILL
MEN HESITATE.
In regard TO all sorts Of commodities
the people learned, slowly to be sure,
after the armistice, to pay extremely
high prices. They got that idea strongly
into their heads and it has not weakened
in h,
check in the fabric market due to the
high price of the raw material. The man
ufacturers are little willing to sell at
recent figures knowing that they cannot
replace their cotton at prices recently
prevailing. They hesitate to put up
prices because the market has been for
many months delicate and sensitive
creature and will not stand anything ap-
preaching rough treatmsnt.
In that other great market, iron and
steel. the companies are feeling out their
customers, but they do notfind much to
encourage them. There is just a little
turn for the better. 1t is now. a ques-
ton Of a rally of buyers: the rally OF
mere spirit will relieve, no shelves of ac-
cumulated goods. The great majority
Of the people are not yet moving. A
few of US are prancing along the street
Win Il pFdsS bduu III inc ICau.
Then the Government. That antity IS
out with a tender of 5000, 600, 900 treasury
certificates, which means another loan
10 pay maturing debts. As q rule the
banks and other corporations and many
private individuals are glad to get these
issues, but they do not mean a reduction
of the debt, such for example as the
country achieved after the civil war, and
then the great refunding scheme that
must come two years hence is looming big
before the larger fnanciers of the coun-
try.
Tie turns that business has taken re-
Gently are a matter for satisfaction. but
we are liable to be over stimulated by
scattered events of moderate significance,
and the caution prescribed by the finan-
cier just referred to is worthy of at
tention. Pay off some of those debts
Copyright, q, by Public Ledger Com
pany.