Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-03-20
STOCK PRICES
SOAR TO HIGH
LEVEL OF YEAR
Lower Rates for Time Money
Provide Best of Accom-
mOdatiOns.
MARKET FUTURE BRIGHT
Special TO Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

prices at new high levels generally and
with the lowest rates for time money
which have been seen in several years.
Whether the majority opinion in Wall
street accepts these as proof OF the e.
tstence Of a genuine bull market or not,
they are facts which exercise a pro-
found effect. The number Of issues
traded in has exceeded that Of more than
a year. With this broad background
which is the development OF months
rather than the sudden change Of day,
Wall street is registering, whether ac-
curately or not, its belief that future
business and industrial prospects are
bright
It IS the fashion at the moment to at
tribute suc6 advances as have occurred
to the activities of speculative groups
and to decry the absence Of public par
ticipatiOn in the market. It is trCe that
speculative groups have primarily been
responsible for many OF the advances in
quotations which have been rec corded.
This has been true Of every bull market
in the history Of Wall street. These be-
sinnings are experimental, and the spec
ulator is willing to take the chance in
buying securities when the public does
not want them, depending on thu ac-
curacy of his Judgment Of future events
to sell them when the element OF risk
has dwindled and the public is willing to
absorb his offerings. Such markets as
have been in evidence in the last week
could not exist without the sanction Of
the banking element. 1t has become evil
dent to the most skePtical that power
ful economic forces again are coming
into play. The artificial barriers Of leg
fslatiOn are interfering with and delay
ing the operation Of these natural laws,
but cannot prevent their funetioning.
IRREGULARITIES BETWEEN
MATERIALS AND MARKET.
There are many Irregularities in the
relations Of the cost Of raw materials
and Of the retail prices Of the finished
product There is evident on the part
Of the consumer 4 desire 10 buy. necessi-
ties where prices are fair. 1t has be-
come equally evident that he viii not
buy unless the price represents fair
value. The difference as to what IS or
is not fair value is in large measure re-
spon sible for the spOtty condition OF re-
tail as reported BY the commercial
agencies.
That readfustment Is proceeding and
that business and industry are quicken
Ing is showing more clearly each week
by the gains in bank clearings and by
the increased car I0adings reported by
the railroads. An increase in the price
Of steel products during the week is
straw indicative Of the direction in which
% the wind In that trade is blowing. Care
has been taken not to Over-estimate a
moderate increase in the demand for
steel products, but that demand has in
creased is the hearteaing feature OF re-
cent trade reports. For the whole in
duStry. production Is estimated at frcm
- to 60 per cent with slightly under
the higher figure for the UhIted States
Steel Corporation. Spring demand has
not yet shown itself clearly. recent buy
ing being partly a reflection Of that de-
mand and partly 4 precautionary meas
ure against the threatened coal strike.
Government intervention has not sue
ceeded in bringing a definite assurance
that the strike will not occur. The sup
ply OF coal has been estimated as suffi-
.ient for 1T least three months, and there
Is a feeling in influential quarters that
continued unsettlement in the mine fields
should be ended by bringing to a definite
conclusion. the issues Of unionism and
the open shop.
MONEY RATES
REMARKABLY LOW.
The money market has shown remark
able relaxation. The week closed with
call funds at > per cent on the New York
Stock Exchange and 2Is per cent in the
outside money market and with time
money at t per cent for thirty day loans
On all industrial collateral. Al per cent
IN sixty-day loans and AZ per cent on
three month loans. These rates for time
accommodations have not been seen In
several years. Commercial paper also
vas shaded, the average rate having
5een ~ TO per cent, with an occasional
transaction recorded at AZ per cent.
Thether temporary or not as a result
f the inflow from Out-Of-tOwn institu-
ions and from local and Governmental
ources incidental to deposits following
icome tax payments. the situation is
,mpathetic Of 4 cOnvaleseing economic
.IsitiOn. The supply has far exceeded
mand, but large problems loom in the
I'm Of new financing both at home and
broad. In view of contemplated loans,
mixers are not encouraging long date
cOmmOdatiOns.
The attitude of caution which has
tarked developments in the banking and
mercantile fields is characteristic Of the
lines and is in marked contrast to that
which obtained only two years ago.
rasGiuS Of the dividend on the common
stock Of the CrucibIe Steel Company
nay well cause holders to wonder
whether they really benefited when they
were given two pieces Of paper instead
Uf the one they possessed attesting their
ownership Of the property. The same
tendency toward conservatism is noted
N the change in the basis for payment
# the Great Northern preferred from a
quarterly TO semi-annual payment The
securities directly concerned suffered
harp losses, but in neither case was the
general market unsettled. In the Great
Northern case the company will not nav
anything before midsummer, by which
time the Burlington will nave paid its
dividends into the treasures of the
Great Northern and Northern Pacific. By
Mat tine the crop situation can be more
accurately guaged.
COPPER SUPPLIES
FEATURE OF WEEK.
One Of the features Of the week was
supplied by the copper Industry. Re-
ports that sales this month to date have
been between 75,OOO,O 600 and 10000 900
pounds came as a distinct surprise to the
general public. The Copper Export AS
ISOLATION estimates exports in the sam
period at 100000 pounds. The price for
immediate delivery has held at Is cents
per pound and for April-May shipments
ut 13ls TO 13i4 cents per pound. Shares
Of the copper companies have felt the
impulse of the bitter situation and have
reflected this improvement in their prices.
Car lOadings continue To reflect heavier
traffic. In the week ended March 1,
S03.25J cars were loaded with revenue
freight. according to the figures of the
American Railway Association. This was
an increase over the previous of 67,969
and over the corresponding week Of last
wear of 81 SIS cars Merchandise and mis-