Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-03-13
RECORD SHOWS
STOCK MARKET
SHOCK PROOF
Buying Indicates Depressing
Factors Eliminated or
Discounted.
MONEY RATE FAVORABLE
BIZ MONITOR.
Special to Indiana Daily Times
and Philadelphia Public Ledger.

Special to Indiana Daily Times
and Philadelphia Public Ledger.
NEW YORK, March 13-It is possible
to record another week Of well main
tanned activity and strength. with in
terest distributed over a wide range
a--ong industrials and specialties, while
the chief feature among the railroads
has been the awakening of dormant
issues in the low priced division. There
has been no indication that any i'm
pOrtant recession was impending and, in
fact, the apparently shOck-prOof tenn
permanent of the market would suggest
that such 4 movement is highly i'm
probable.
The present rising tendency of the
market may be given the following
tabloid explanation. 1t evidently is
based on favOring money conditions, a
strong technical position, Increasing
signs Of business improvement, the feel
ing that all or most of the old depressing
factors have been discounted and per-
haps most important of all the belief
that threatened difficulties Will be sur
mounted satisfactorily.
There is little doubt about the strength
Of the market position. This has been
.
place, brokers loans are relatively small.
There is, moreover, little evidence Of
large outside speculative holdings of Sc
curities. Usually this would be re-
tected in selling on reactions, but It is
q notable feature Of the present market
that on moderate setbacks offerings Of
stocks diminish materially. In addition
to the signs it has been noted that the
borrowing demand for certain inactive
hos IL
pointing to the conclusion that liQuida-
ton has been thorough and stocks have
passed into strong hands.
ANNUAL REPORTS FAIL.
TO DISTURB SENTIMENT.
The market is now getting an average
of two to three important annual re-
ports daily. They have not disturbed
sentiment in spite OF the fact that in
many cases a deficit is reported. The
reasons for the failure to cause unsettle-
ment may be explained on tie ground
that they are in no case worse than ex-
pected, and in some instances they refiecL
a decided tendency toward revival
The weeks statement on untitled ton
mage by the United States Steel Corpora
ton was about in line with anticipatiOnS
It showed 4 decline of about 10O. 900 tons
in untitled orders, but the exhibit was
believed to be due as much to an in
crease in operations as to the sluggish de-
mand for steel products.
i decidedly better feeling has been
created by the improved position Of az
riculture, resulting from the advance in
prices for farm commodities. Sooner or
later. it is believed, the general business
situation will have to reflect the mere
ment in values. Since the first of the
year wheat is up 10 per cent, corn, 10
per cent; oats, about 50 per cent; hogs,
about 50 per cent, and sheep are selling
at about twice the figure quoted a year
ago. Wool is higher, materially so, with
a good demand for the better grades.
Western JObbing centers already are
tiOn OF better trade.
MONEY SITUATION
HOLDS FAVORABLE.
The oney situation continues favorable
for sustained security values. Call
money this week has been as low as 81
per cent, due largely TO the increased
supply OF funds in anticipation Of in
come tax payments on the 18th. The
absorption Of new issues this week has
proceeded in this market at a rate some
what in excess Of $50, 0O1,OO
These are the favorable elements in the
situation that have served to Offset some
rather unsettling developments in the
near outlook. Although general approval
meets the statement Of our reasons for
refusing to participate IN the economic
conference at Genoa it is considered IN
fortunate that sound objections to our
cooperation existed. Affairs in India
evidently Ire approaching a crisis and
the only reason for moderate degree of
cOmplaCeucy at this time rests On the
policy o. passive nOn-resistance that
seems 20 indicate an absence of violence
in the movement
The chief uniavorable domestic features
are represented by the apparent likeli-
hood of a coal strike on April 1 and the
inability to settle the labor trobles IN the
New England cotton mill district. Con-
gress, Of course, persists in a line of ac-
ton or inactiOn that appears to be mott
waited entirely by the desire for re-elec-
ton The bonus" is in a snarl, the
tariff program apparently hopelessly
tangled while the Obstrrc-ionists in the
Senate bid fair to nullisy the constructive
labors Of the conference on limitation Of
ornaments. Obviously, It required op.
timism Of an unterriied character tC
ignore such factors.-COpyright 1922, By
Public Ledger Company.