Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-03
BELIEVE SLUMP
IN BUSINESS Is
NEARING AN END
Cheerful Tendency Noted Fol-
lowing Dull Week in
Trading.
EMPLOYMENT IN GAIN
Special to Indiana Daily Times
and Philadelphia Public Ledger.
by MONITOR.


NEW YORK, Oct. BIN spite Of fire.
aent reactions ana the backing and
ling Indicative of hesitancy and con-
fusion of opinion, i is gratifying to be
able to record some increase in optimism
at the end of 4 very dull week. Thus
far the more cheerful sentiment is largely
an expression of the belief that the ten
dency is in the direction of improvement
instead of recession, as was the case last
year at this time. In other words, there
is a conviction that the worst is over
and that from now on we are likely to
see sporadic evidence of gains which Will
become more numerous and pronounced
as time goes on.
At present the largest cloud on the
horizon is represented by Germany's
financial situation and its reaction in the
rest of Europe, particularly France. The
decline in the mark has been interpreted
in some quarters as a sign of her i'm
pending financial collapse and her In
ability to meet her indemnity obligations.
Toward the end of the week the French
government IS and 81as began to de-
cline-or 4 least did decline-and this
weakening was Immediately interpreted
as a refectiol of less hopeful indemnity
prospects.
MARKS DECLINE NOT
HELD PROOF OF CHAOS.
It is refreshing to note, however, that
some bankers do not consider the decline
in the mark as indubitable proof of eco
nomic chaos in Germany. The country
is at work and producing on a large
scale. 1t is quite conceivable that her
industry ard commerce might show in
creasing activity in the face of a con-
tfnually depreciating mark. The cur
rency decline, as every one should know,
has been due more to the Overworked
printing press than to any other single
factor Germany is likely to continue
printing and selling marks as long as
their sale outside of Germany continues
to show a profit over the cost of the pa
per and the printing, and so long as the
mark at home is worth appreciably more
than the mark abroad.
From a domestic standpoint, conditions
are steadily improving. Unemployment
does not appear to have reached the pro-
portions of the large figures at first is
sued by the Department of Labor, and
a survey of an authoritative character
places the maximum of unemployment
at 100000, with present totals very
considerably less The conference at
Washington proposes split employment"
which would divide the jobs among the
squarely we probably would discover that
4 reduction in coal-mining wages and a
further reduction in railroad wages. thus
giving power and transportation at lower
costs. would do more toward solving the
unemployment problem than any pallia-
tive likely to be suggested.
BANNING POSITION
SHOWS IMPROVEMENT.
Fortunately the banking position con-
tinues to improve. The reserve ratio for
the combined system has now reached
the top figure of GO. OF fully as
much importance from the standpoint
of essential relief is the rise in the Dallas
ratio to - 3 compared with % a little
more than a month ago, thus showing
The effect OF cotton liquidation at ad-
Vancing and relatively profitable prices.
80 far as the market is concerned. sen
tlspent, while bulls. on the rails, is
dubious about the outcome of the fund
ing bill and none too confident of the
preservation of its beneficial features.
Steel has not vet begun to enter the early
stages of prosperity The motors and
fire stocks are believed to be somewhat
everdone. The chances for copper ap-
pear to be looking up, but the oil in
Gustry is thought to be in n position to
make quicker response than any other
department of enterprise.
r Petroleum production for the United
States in August amounted to i096O,O0
barrels compared with the high monthly
record in May of this year Of 42.O43,OO0
barrels and about 39,0t1,0J0 barrels in
tugust last year. August imports of oil
from Mexico we're $50, 90 barrels
against 100000 in March, and nearly
100000 barrels in August last year.
Consumption is around 42760U0O and is
only slightly below the average for the
first eight months of the year, and 1t
compares With 100000 barrels con
sumed in August last year. Stocks of
petroleum are only little more than one
months consumption larger than a year
ago. OIL men figure on the theory that
consumption is bound to increase, while
output will decline. In August this year,
only 952 new wells were brought in COM
Jared with 1,4j2 in March this year and
:.46J in August last year.-CopyriGht
1921, by Public. Ledger Company.