Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-24
MARKET TONE
STEADY DURING
TRYING PERIOD
Favorable Impression Con-
tinues in Spite of Incl
dents.
TRANSACTIONS HEAVY
Special to Indiana Daily Times
and PhiiadeIphfa Public Ledger.

special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, April 24.-In spite of sew
eral untoward incidents. to say nothing
of the prolongation of the coal strike.
the stock market in the last week has
made a favorable impression on senti-
ment by the manner in which IL has
maintained its tone and the volume of
trading. The total OF transactions for
the full day has ranged from about
million and a quarter to more than two
million shares.
Before the year is out. the volume Is
expected TO increase materially. There
probably will be sessions when the total
will exceed three million shares without
creating the impression of strain or ex-
cessive speculation. Such volume has
been attained previously only twice. but
times have changed since the day OF the
Northern Pacific corner. more than
twenty years ago. and the elimination OF
the great bull market of war days, in
1916. The addition to the nstings on
the stock exchange lays the basis for a
higher aggregate. and quite legitimately
so.
SCORE OF OIL
STOCKS LISTED.
Twenty years ago there was not an
oil stock listed on the big Board" The
Standard Oil shares had a market on
the curt. Now a score or more of pc
troleum issues are actively traded in.
One has only to think Of the dealings In
Mexican Petroleum, Royal Dutch. Pacific
Oil, Sinclair, General Asphalt and others
to see what the old markets missed.
Twenty years ago there was no such Sc
curity as an automobile stock. Today we
have Studebaker. General Motors, Chand-
Ter and many others.
Today the investment department has
numerous issues Of foreign bonds, gov
ernmental. municipal and others which go
to swell the aggregate OF transactions.
These observations seem timely in or
der to obviate a possible impression that
big Days" on the Stock Exchange are
likely to result more from the growth Of
the market than from intensive and OBJ
jectionable activity in speculation.
Genoa has brought only a momentary
furry in the market The Rapallo pact
may have been justified by certain po-
litical considerations. but as an economic
combination. it may prove 70 be disap-
pointment. In the old days. Germany
was Russia's banker and industrial ad-
ministrator. Today, however. the Teuton
lacks the capital essential to Russia
This can be supplied only by the United
States and Great Britain for the present.
Subsequent developments at the confer
ence have created a hopeful impression
The groundwork for international eco
nOmic comfy has been laid. thanks to
the patience and tenacity OF the British
premier.
REPUBLICANS
DISGUST STREET.
Naturally. the financial district is dis
gusted over the attitude OF the Repub-
hcan senatorial caucus on the bonus.
With q deficit Of nearly half a billion
dollars in ordinary revenues staring the
country in the face. It is hardly believed
to be the time TO buy q political victory
at the expense Of the taxpayers The
obstacles in the way OF setting forth
specific revenues keep the bonus ques-
ton from being more Of a market factor
than it IS st present.
The coal strike does not loom up as
disturbing influence, chiefly because it
| is believed that an adjustment OF certain
\ecOnomic features OF the question, posi-
Ply a regulation Of the output and distri-
hutton Of coal may figure in a settlement
the problem These phases are be-
eved to be more vital than a mere wage
Z justmenr.
~ poets continues to be one Of the i'm
Hing market forces. Funds are abun-
mt and rates are relatively easy. The
q nuence of money Is reflected in the ire
: endous investment markets OF the week
transactions have been large and ad-
8ances numerous. In this connection it
rs interesting to take note of the effect of
fthe general advance in securities on the
financial fortunes Of the investing public
81
OF listed securities have risen from 10
TO more than 50 points. Nearly $1,000
100000 OF outstanding Liberty bonds have
added more than 100000 900 to the
wealth Of investors through their recov-
cry. The total increment in listed and
unlisted securities, stocks and bonds as a
result of the rise. has added many bill
lions TO the investment wealth Of the
country. some estimates here running as
high as s25. 900. 10000. This development
cannot be overlooked in respect to its ire
mendous significance and its bearing on
the general business and economic posi-
ton OF the country.
In professional circles there Is a feel
ing that the advance In the speculative
issues so prominent OF late, may come to
a halt in the near future and leave the
market somewhat stale. Aside from this
the general view is hopeful, as many
issues more or less inactive continue to
give variety to the display OF strength
Copyright. 1922, by Public Ledger Com
pany.