Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-22
WORLD TRADING
GOES ON WITH
LARGEDEMAND
Basic Commodities Sought
With More Avidity by
Traders.
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

NEW YORK, May 22.-Stock market
operations during the week were char
acterized by activity and strength. with
decided tendency toward increase in
the volume of transactions. Sentiment in
trading circles has lost much of the
hesitation that has marked it recently.
and is now actuated by confidence and
constructive spirit
Disappointment over the outcome at
Genoa has not lasted long. 1t is admit
ted that little Roadway could be made
at this time, owing 10 the disposition Of
the discordant factions TO devote much
Of their time to political disputes instead
OF getting down to an economic basis
The conference is believed to have been
aptly pictured by Frank A Eanderlip
when he described II as a clinical ex-
animation rather than an attempt to per-
form a surgical operation or administer
therapeutic treatment. yerbosity evil
IDENTIFY has interfered with action, but.
nevertheless. the meeting has been fruit
full in disclosing Europe's most urgent
needs. and 1t has provided opportunity
for exchange of divergent viewpoints.
WORLD TRADE
GROWS RAPIDLY.
The Genoa fasco should not leave US
blind to the fact that in spite of Europe's
q
passing to and fro. and that 1t is growing
lErger month by month. Statistics on
exports and imports cannot tell the story,
for figures are things TO be used COM
paratively, and commerce between ma
tons is now In the early stages OF re-
vival.
1t Is a revival that Is gaining momen-
tum in most impressive fashion. how
ever. In fact, one wonders where Europe
gets the buying power. Her purchases
of copper, cotton and foodstuffs are on a
crescendo scale. Every country is bare
Of raw materials, and 1t is In the buyins
of relatively minor commodities that we
gain an idea of what Is going on. The
manufacturers Of Europe are taking huge
quantities OF fbres, kapok, feathers
bristles, rubber, wool, coarse hair and
other articles The great markets of
London. Antwerp, Hamburg. Barcelona
and Genoa are stocking up. or at least at
tempting to do SO. The demand it may
be confidently stated is bigger than the
availabls supply, and prices are rising.
REWRITING EFFECT
ON EXPORTING NATIONS
These purchases are having revivffring
effect on the exporting coun ries such as
South America. China and the South Sea
Islands. As they sell their rawsproducts.
they buy goods. Herein we find an ex-
PLANTATION of the heavy buying of cotton
goods by China, India and South amer
lea. Evidently we are nearer prosperity
In world commerce than we ha been
led TO believe, largely because i ,erican
exporters have not been as active In
overseas markets as some of their En-
ropean competitors who are busily en-
gagged in accommodating raw materials.
Domestic industry, however Is gain
Ing steadily. General increases were
registered In April. with the notable ex-
ception OF coal mining and textiles, where
strikes interfered with production. New
records were made In April building OBJ
eratfons. In the steel industry prices
are rising and capacity is higher One
OF the most encouraging signs is the
improvement In retail distribution. This
Is the logical corollary of increased en-
ployment and larger buying power, to
which must be added the element of
rising confidence The most striking
figures are furnished by building con-
tracts for the twenty seven northeastern
States which amounted to more than
S353,000,0O0 in April. thus breaking the
previous high record OF July, 1919 when
the total was S317 100000
MONEY SITUATION
STILL FAVORABLE
able. This weeks sta cement of the Fed
eral reserve system shows a moderate
gain to the basis of 10 per cent, which
Is close to the years high point. The
sharp gain in the ratio of the New York
bank to the basis Of So gives evidence
of heavy flow of funds to this center
which has been further reflected by an
ease In rates. Bankers have tried to
place fair portion Of the inflow on
call. but the demand was lacking and
the time money market gained the heue-
fit. The result has been a break in
rates 10 new low levels Thirty-day
money has been quoted at 3a4 per cent.
These are the lowest quotations since
late In the summer of 1917
From trading standpoint, the best In
formed sentiment seems to lean most
strongly toward the rails, coppers and
steels. The strength in copper metal
which has been quoted this week as high
as 1884, for summer delivery for export,
Is due chiefly to the large demand for
the metal and the improved statistical
position. Some time in the coming week
definite developments are expected in the
form OF decisions on railway rates and
wages. There Is possibility. of course.
that the railway labor board may not act
on the wage question until later.
With the respect TO the steels. the air
continues surcharged with merger ru-
mors, thus keeping the market for the in
dependent shares confused and erratic.
The substantial progress In the industry.
however, has fortified the position of
L. S. Steel in the minds of the far
sighted trading element.-Copyright, 1922,
H. D,-A 7