Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-15
MARKET KEEPS
UP UNDER COAL
STRIKE CHILL
Affect of Fuel Famine Seen in
Waning Signs Of Steel
Revival.
OPTIMISM IS PREVALENT
Special to Indiana Daily Times
and Philadelphia Public Ledger.
ny MONITOR.

BY MONITOR.
NEW YORK, April 14.-Market devel-
opments during the week have disclosed
no features of a discouraging nature or
that would cause any lessening Of bulllsh
confidence. aside from the Justiiable IN
easiness over the coal strike outlook. The
possibility Of a contraction OF operations
in the steel industry. just at the time
when 1t is beginning to show indubita Bile
signs of revival is calculated to throw
something OF a chfllo yer nascent enthu-
siasm. The Street, however, while op-
posed to Government Intervention as a
matter of principle, is inclined to the view
that the coal strike situation furnishes n
legitimate exception.
Strange as it may seem, Wall street is
not altogether aligned on the side of the
operators in the present controversy. 1t
believes that the demand Of the miners
for an increase in wages, or even con-
tinuance of the present scale, represents
an economic absurdity. 1t does believe,
however, that the miners are entitled to
larger aggregate wage payments than
they are now receiving 1t feels that the
remedy lies not along the line of higher
wage scale, which would tend still fur
Their to increase production costs, but
through better coordination of the agen-
cies of production and distribution. The
suggestion of f. d. Underwood, presi-
dent of the Erie railroad, calling for tho
limitation Of the number of producing
mines, is considered a step in the right
direction. although this in Itself would
not afford a full correction Of the exist
ing economic evils in the industry.
Optimism prevails throughout too many
lines of enterprise to permit a revival
e. - oh Nv at npfnxya I'd
incident, even one so important as
contraction Of fuel supplies. The bust
ness world is beginning 20 get back its
course. The contagion imr arted by the
favorable money situation, rising secur-
ity prices, the increase in purchasing
power resulting from higher prices for
farm products, and gains In industrial
employment afford another Illustration
Of the beneficial workings of mass psy-
chology We evidently are in the early
stages OF an epidemic OF business en-
thusiasm, tempered fortunately by the
experiences through which the country
has passed In the '1st two years.
Encouraging develop are not con-
fined entirely TO the domestic situation.
In spite II pickering and snarls, the
Genoa conference furnishes the basis for
solid hopes. The English bank rate has
been cut to 4 per cent British Board
Of Trade figures on foreign trade, while
still leaving much TO be desired, indi-
cate an improvement. Exports OF yarns
in March were 100000 pounds, against
$4,000 900 pounds in February and 49,.
100000 in January. Our own figures on
exports and imports for March show a
substantial gain over February.
Although the rails have been steady
10 firm, the most pronounced advances
have taken place among the industrials
and specialties. There ia a strong feel
ing that the next important price move,
ment will be seen in the form OF an
advance in the rails, and that 1t will
not be long delayed.