Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-26
FINANCIERS IN
NEW YORK BEGIN
TO BUY RAILS
Purchases Taken as Evidence
Of General Improvement in
Industrial Shares.
LUMBER IS IMPROVING
Special 70 Indiana Daily Times
and Philadelphia Public Ledger.
BY c. B. EVANS.

BY G. B. EVANS.
CHICAGO, Sept 28.-Unless the Eu-
rOpean bull breaks into the American
china shop and smashes things, there is
a fair probability that the new move
ment in various commodities and the
growing confidence in the substantial
solvency of the country will work out
into an increased business, more stable
prices and more general employment
within n period measured by months and
will eventuate in normal conditions.
The evidence of good things is now
IN details In addition to those incidents
heretofore noted one hears today some
rather good reports from the lumber in
terest One operator whose property IS
in Louisiana has been asking $50 per
thousand for a certain grade of his prod
uct and now is a bit upset by a bid OF
SAL. This is one OF the cases of scarcity
and does not stand for the general cOnN
ditiOn Of the lumber trade but for tbs
position Of a certain specially. The trade
generally is about 40 per cent of the
total Of a year ago and prices are one
third less, as nearly IS one can estimate
with the great variety OF classes ana
qualities Of this merchandise.
II IS typical. however, for there are
many commodities which win be found
in extremely small supply II anybody
puts in a hurry order. Jumps IN price
Ike that Of cotton a few weeks ago are
quite IN the line Of probability. Cot
ton got wOefully tired of waiting for
revival OF business" and did some
thing
Steel IS BY no means a hopeless case
in this connection. One hears reports
that Mexico IS in great need Of this COM
modify, which may account for the visit
in that country Of Chairman Gary Of the
United States Steel Corporation.
Reported purchases Of $4,000 shares OF
railroad stocks by certain Of the heaviest
hnanciers Of New York may be consid-
cred as evidence Of a turn Of thought
there IN the direction Of an au-round i'm
provement in American affairs. for the
buyers are Of a class Of people who reach
an opicion by logical processes and out
Of more abundance evidence than most
OF us have and then buy before the crowd
has walked up.
But it takes 3 good many grains OF
sand TO make q sea ashore and We have
only a few at the present time IN these
scattered reports Of gain. In view OF
advices from Europe one is inclined to
ask what chance the United States has
to sell its manufactured articles in the
markets OF the world. Recently IN a.
competition between British and Ger
man producers. on a large order for
steel merchandise the German prices were
found to be 20 per cent less than Brit
ish. This in spite Of 8 condition in the
United Kingdom that calls for the most
favorable terms to buyers IN order TO
avoid Increasing the unemployment which
is such a grievovs burden to the country.
And It is not merely the international
trade. In the long run cheapness in Ger
man goods will force declining prices Of
our own products. The German pocket
knife and other small articles little no
ticed by the statisticians are working
their way into this country on q pretty
large scale.
II is partly in view OF such facts that
many undertakings which have been in
contemplation for a long time are stin
IN allegiance. The projectors want to
know whether. IN buying material. they
viii find themselves on top Of high fig
ures when If they had waited for few
months they could have built under nor
nal conditions. That is what is holding
back the construction Of 4 new building
for the Chicago Board OF Trade, which
has long been in mind. The subject has
been up again within the last few days,
but was laid back on the shelf Several
other large plans IN this city are in sus-
pense.
Equally much doubt prevails as to the
persistence Of certain tendencies in the
investment market that have made their
appearance recently. True, bonds have
advanced materially. indicating Z lower
money market. but Chicago has been de-
cidedly shy regarding the railway equip
ment bonds just placed on the market
at a yield Of 5'75 and $50 per cent.
Scarcely any have been sold here. They
will go eventually without doubt. but the
investment community think that it is
going too fast 10 buy such an issue with
plenty of good stocks now yielding 10
to Il per cent.-Copyright 1921, by the
Public Ledger Company.