Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-09
UNCERTAINTY
IN MARKET BY
REIMBURSEMENT
Minor Incidents, Not Broad
Elements, Now Ruling
Forces.
FINANCES IMPROVING
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

by MONI1Oh
NEW YORK, Jan. 9.-Readjustments
of various sorts incident to the advent
of the new year have furnished the domi
mating influences of the market in the
last week, and the result has been
state of uncertainty tending to produce
hesitation in the security markets. 1t is
evident. that no matter how encouragin
may be the conclusions drawn from GER
tain fundamental forces, there is a dis
position to pay more attention to con-
crete factors, even though some of them
may be of Il relatively trivial nature.
The market in the last week has de-
rived its color from minor incidents
rather than the broad elements that are
operating more slowly toward recovery.
At the outset of the business activities
of the new year there was 4 rush to
take down 1921 profits, and it looked
as if the process were going to be con-
centrated on the first day. This ten
dency was apparent in the commodity
markets as well, for huge, long commit
ments of cotton were thrown overheard
Immediately after the opening on Tues
day morning. Undoubtedly great deal
of selling in the oils, equipments, mo-
tors, rubber and tire shares and nu-
merous Specialties were made the subject
of similar transactions. Around the open
ing levels of the week the profits were
in sight and those who took them would
ont have to report them in taeir income
tax statements until 1923. These offer
ings were sufficiently heavy to cause I'M
settlement and this feature gave pro
fessionaI bears' their opportunity.
HANGOVER
INS0LVENCIES.
1t has also been clearly foreshadowed
that the first quarter of the new year
would have a large number of hangover
insOlYencies TO its credit. Numerous
concerns that have been carried along by
an eyelash for the last year are lucky
TO have their banking support with
sAA&FYh. The facts in the situation in this
Pect are bad enough. but the real
gate of affairs has been exaggerated by
Ugly and irresponsible rumors regarding
z the credit Of various concerns and firms
The suspension of 4 large Chicago wire
house last week has furnished the in
centive for predictions Of similar develop
ments along the same line. a New
York export and import house engaged
in the textile distribution had its affairs
placed in the hands of creditors this
week. Before the announcement was
ade, rumor connected the impending
event with the names of numerous firms
Of unimpeachable responsibility.
LABOR UNION
POLITICS.
There is also a feeling that IN the effort
to bring about the essential downward
revision of production costs, the country
will be harassed by 4 series of labor
disturbances. Labor union polictics ur-
. questionably will play its part in the
PHastempt to justify its present leadership
apd the championship of the cause Of the
Industrial worker. To the student of
present economic conditions u low ring
Of production costs is absolutely
necessary for the purpose Of restoring
equilibrium between the various pro-
ducing groups. Compared with two years
ago the agricultural producer has suf-
fered a loss in income amounting to
almost GO per cent, and in some cases
even more. Industrial labor may not
have to make q similar contribution, but
it should do its part.
These are the unfavorable elements
that have received such striking emphasis
in the last few days. On the other hand,
the summoning of the economic confer
ence in March, looking toward the par
ticipatiOn of both Germany and Russia,
the ALLEGATION Of part of the Reichsbank
gold reserves to the establishment of
credits for the purpose of imports in
stead of for liquidation of reparatiOns,
the development of understanding on the
subject of naval ornaments and future
military policies-these are bound to bcar
fruit In time, and most probably before
many of the pessimists believe they will
become benefcially effective.
Meantime holdings of securities on the
part of the public are small. The finan-
cial position of the country is improving
week by week and the feeling of appre-
hension over the general money and
credit situation is happily remote
Copyright, 1922, by Public Ledger Com
pany.