Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-17
WALL STREET
UNEASY, BUT
TONE STRONG
Strike Causes Some Disquiet,
but Does Not Affect
Prices.
OUTLOOK IS BRIGHT
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

anu Gnl46uetpNid LShESE.
BY MONITOR.
NEW YORK, April 17.-It may appear
rather difficult to reconcile the strength
of the stock market in the last week with
the expressions of uneasiness over the
coal strike situation. and perhaps the
best explanation will be along the lines
of the theory that Wall Street never con-
siders a strike as a selling argument.
Such disputes have a fashion Of being
settled almost over night, and those
who have operated along pessimistic
lines frequently have their worry for
naught. while their dealings seldom show
a profit.
In fact, IT is believed that our coal
problem. in this instance. represents more
than a mere wage dispute. Undoubtedly
it involves a certain amount of economic
reimbursement that will provide satisfac-
tory employment for the miners. and
lower prices for consumers. In otoher
words, the situation calls for a removal
If the causes producing dislocation, in
an extremely wasteful industry. There
certainly is no reason for fuel scarcity,
y
wage payments. when our underground
reserves Of coal are the largest of any
country in the world The industrial
future of the country should not be
handicapped as a result of inability to
work out thhe problems involved. This
conviction evidently is behind the incli-
nation TO take an ultimately hopeful
view OF the coal strike, despite its pres
ent menacing aspects.
OUTLOOK SEEMS
ENCOURAGING.
Otherwise the outlook seems to pro-
vide ample occasion for encouragement,
particularly for those with speculative
vision. The fundamental Of the situation
-money-aEords a sound basis for con-
hdence. The offering of S1J0O00,000 Of
Treasury notes at 315 per cent, the re-
ductiOn in the Bank OF England discount
rate to per cent, the lowest since the
beginning OF the war: the attainment of
par by several of the Liberty bond issues
all bespeak an easier credit position both
at home and in the important European
money centers.
After the Genoa conference settles down
TO committee work, the results may ex-
coed the fondest hopes Of its sponsors
Political differences may Tetard progress
at the start, but sooner or liter economic
exigencies will force the adoption Of
practical remedies for the obvious
disease. The world is going to get back
10 work because IL must.
Meantime foreign trade is assuming
gradually larger proportions. Our ex-
rOrts and imports for March show com
rortable gains. There has been a large
increase in British exports of steel. The
export demand for steel products is
rowing, with the largest American pro-
,lucer finding little difficulty in compel
.ng with It's European rivals.
INDUSTRY MOVES
MORE RAPIDLY.
In the United States, Industry is NOV
ing at a gradually accelerated pace. The
most active department is in the build
ing trades where the total value OF con-
trac awarded during March in the
nor stern States reached 500. 900 600,
an of 65 per cent over February
and per cent over March last year.
The first quarter Of this year was IS
per cent over the first quarter of 1921.
In view OF the strike that has closed
a number OF the most important New
England cotton mills and the curtailment
that is reported TO have reduced opera
tons in southern spinning centers. the
March figures on cotton consumption In
the United States are quite striking. A
few more than $4,000 bales we're con-
sumed compared with 473.000 in Feb
ruary this year, and $4,000 In March,
1921 Domestic consumption for the
eight months from August 1, to the end
Of March. inclusive, is 4,0O2 600 bales or
at the rate Of 100000 bales for the
season ending July 81, this year. This
is working up closely to normal basis
Of consumption.
Railroad operations continue to regis
ter gains The complete figures for Feb
ruary show that the carriers earned 4.57
per cent on their tentative valuation. Ac-
cOrding to a compilation by the Bureau
Of Railway Economics. the Class L roads
had a net operating deficit in February
last year of s5,1Ts.OO0. This was accom-
plIshed in spite of the fact that gross
revenues of S401 ,32S. 900 were Is per cent
less than February, last year. The ex-
PLANTATION lies in the fact that operating
expenses were only 1924 423 900, or 1916
per cent below February, 1921.
The inventory position of many in
dustrial companies is improving as re-
suit of the stitching in raw material
prices. This rise in certain commodities,
if maintained. will have an appreciable
effect on the balance sheet Of numerous
concerns, including copper producers,
electrical manufacturing companies leath-
er companies, and those which use steel
products. The announcement of an adj
vance in American Wooden Company's
prices this week was largely in the ma
ture of an adjustment to the higher
raw material basis, as prices for raw wool
are considerably higher than they were
some time ago. The status OF the rubber
and tire companies also undoubtedly
has been improved in consequence of the
advance in rubber.