Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-26
TRADING DULL
AS RESULT OF
! XMAS SEASON
Publications, However, Point to
Improved Conditions in
Business.
h MONITOR.

NEW YORK, Dec Zb--lt IS hdFulS ~
be expected that the market would show
any striking activity during the re-
mainder of the holiday season. although
there is every evidence of optimism re-
garding the outlook for the New Year
There is feeling that, both in respect
to financial and industrial conditions, the
country has passed through the major
phases Of readjustment. II is admitted,
Of course. that production and distribu-
ton costs still must be reduced before
conditions are on a sound basis. Wages
in the building trades, coal mining. and
on our railroads are still out Of line
with the rewards Obtainable elsewhere
while the action of the Department Of
Justice in planning and inquiry into de-
tail profits indicates q SUSPICION tnst
there is even now a tendency TO extort
returns wholly incOmmensurate with the
services rendered
Nevertheless. business is improving. and
Eentiment throughout the country IS
Aclearly indicative Of confidence. It IS ad-
Alitted that much Of the recent gain Is
We TO the revival Of seasonal demand
yPermanent Improvement VIII be depend
eut on the increase in the buying power
Of the agricultural community and other
producing groups that have borne the
aGr
In foreign trade. There is no doubt that
the position Of our farmers and cur for
eign customers constitutes the basis Of
our most difficult problems A rise IN
the price Of agricultural products would
be partially corrective Of the disparity.
but there also must be some reduction ID
- Drice of what the farmer buys.
Slrhe figures on our November foreign
trade show that or exports Of foreign
products declined In value about Sl29,-
100000 and that more than half the
shrinkaEe resulted from the decrease Ia
the shipments Of cereals and -four. The
figures on the decline in our exports
OF manufacturers are no less impressive,
as the reduction for the eleven months
of the calendar year is about S1s9A.ON.
600 compared with the same period in
1920 Although some allowance must -
made for price declines. there IS clearly
apparent @ heavy reduction in quantity
as we'll
The last week has shown quite falling
of in the demand f0T Investment issues.
but this dulln=Ss i considered largely in
cident TO the season. Moderate r-eesSions
have taken place due to profit-taking. or
selling To established losses. the latter.
however, being represented by isolated
exceptions. The next few weeks are ex-
pected &c witness heavy rush Of new
financing and there is a prospect Of new
hOtations before the end of the year.
This is rather unusual for the interim
week between Christmas and the New
Year. but the explanation is furnished
by the fact that the bank loans Of many
corporations are heavy. and the lending
Institutions are DESTROYS Of having these
obligations cleared up and replaced as
tar as possible by funded obligations OF
more or less extended character. It is
felt that this results IL a double i'm
provement- inaSmuch as it makes a bet
ter showing for the banks themselves.
and it places the burden on the shoulders
OF widely scattered investors. The sp-n-
did investment market ar this time offers
an excellent opportunity for transac-
tons Of this nature.