Indiana daily times., 1921-09-12
OPTIMISM is
REFLECTED IN
STOCK SALES
Bullish Overtures of Market
Found in Prominent
Holdings.
IMPROVEMENT IS NOTED
'pecial to Indiana Daily Times
= 4 l. 1 - L -

Special to Indiana Daily Times
and Philadelphia Public Ledger.
NEW YORK, Sept. 12-As the week
progressed it brought more evidence of
increasing optimism In market circles
and not the least important incident was
the bullish position openly announced
by a speculative figure who undoubtedly
for more than year has been the most
active individual element on the bear
side. Pools are beginning to get active.
Eved1ncs OF such bullish overtures Is
found In the action of sEch stocks as
Mexican Petroleum, Baldwin Locomotive,
Corn Products, elly-Spring6eld, Cen
eral Asphalt and Sears -Roebuck, with
the practical certainty that the list will
increase In the market shows a rising
tendency.
OF course, belated bears virtuously
will charge manipulation and assert that
any upward movement will be short lived
and terminated upon the distribution Of
any stock held by the pools. 1t will. be
said further that advances are being engi-
neered merely TO enable old holders to
get out even, profits being forgotten,
OF course, this is a narrow and partisan
view to take Upward movements can
not be engineered unless conditions are
favorable for such tactics. Nothing of
the sort would have been possible in the
last few months, for example, and the fact
that 1t may be possible now is an under
lying indication that the situation has
improved at least to a certain extent.
Moreover, the contention that holders Of
stocks are working for an advance mere
ly-tO get out" is sheer absurdity. The
claimants Of this theory are absolutely
in the dark and even II they were mind
readers, there is no guaranty that minds
might not be changed.
DOMESTIC REPORTS
ARE FAVORABLE.
Developments during the week from a
domestic standpoint at least have been
Of a favOra BILE character. Not so much
can be said of the foreign political and
financial situs ion- Marks have been ex-
tremely weak and the position of Ger
many in respect to finances undoubtedly
is precarious. The collapse Of the mark
below one cent in some respects may be a
reflection of the sO-called "cata stropbe
BOOM" but ii shows still more the cleav =
age between Germany's Improvement and
the fall in her currency due to indation.
The Irish zion, moreover, continues
to furnish a disturbing political factor
that may menace the security Of Europe.
In the United States improvement con-
Times The brightest spot at the mo-
meuL Is Iue textile industry. pOC0 IN the
woolen and cotton goods division. Scare
ity Of finished products is apparent and
. buyers are showing an anxiety. which
presages change to a sellers" " market
In this department. The silk market also
is showing signs Of life. Steel ingot
production Is In increasing and products
for structural purposes are being turned
out in larger QantIties in response to
demand
Undoubtedly the improved aspects o.
the agricultural situation have furnished
much Of the occasion for increasing op-
timism. As has heen pointed out in this
column previously, the rise in cotton due
to a short crop also affects a large carry
over of old cotton. thus adding materially
to the wealth OF the cotton belt. The
Department Of Agriculture this week
forecasted the yield of all wheat at 754,-
0000 600 bushels and the corn crop at
3.1S6 100000. The wheat yield compares
with 100000 bushels last year. Around
current prices 1t provides the grower a
fair return, particularly as it was raised
this year with cheaper labor than for
several years past. Reports from the
wholesaling districts of New York, Chi
cago. Philadelphia and Baltimore report
a large influx OF country buyers, par
ticuIarly from the South
Business is looking up and this ap-
pears to be the fundamental reason for
the improvement in security prices and
financial Copyright, 1921, by
Public Ledger Company.