Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-12
MARKET ABOUT
TO ENTER DULL
SUMNER TIME
Growing Impression Is That
Heat Wave May Be Cause
Of Dizziness.
PUBLIC VERY APATHETIC
Special 20 Indiana Daily Times
ard Philadelphia Public Ledger.
ny AInNrTnR

and Philadelphia Public Ledger.
BIZ MONITOR
NEW YORK. June I2-At the close OF
the week there appears to be growing
Impression that the market IS about 10
enter on a period of summer dizziness and
irreguiarity. just how much influence
the advent Of the heat wave may have had
to do with this impress sion. Il is hard to
determine At any rate. the apathy Of
the outside public is attracting attention
and the market is drifting more and more
into professional hands.
1t may be possible to speak also with
out improperly of another feature. The
Stock Exchange authorities are deter
mined to maintain the high repute OF the
institution and to insist that member
firms observe the standard demanded by
regulations. Business practices OF all
brokers are under the closest scrutiny and
not oyer-extensicn Of commitments Will
be permitted. Careless management and
loose financial methods are certain to
bring their penalty and in some cases al
ready have done SO.
POLICY MAY BE
MISCONSTKUED.
The rigorous policy now being pursued
Is susceptible of misconstructIon and may
be subject to malicious bear exploitation
Nevertheless the results will make Tor
financial safety and the protection OF the
investors interests. Some attention has
been attracted by the large scale Of brok-
erage loans. although the volume may bs
partly explained by the amount Of recent
new issues AT any rate, brokerage firms
will have ia keep within the safety limit
OF commitments. and the reduction OF en-
gagements may bring about scattered
liquidation.
IT may he pertinent here TO comment
on the falling of in attempts TO float is
sues. Certain of these undertakings Of
late have not met with the expected sue
cess and some propositions Of this char
acter now under consideration will be
postponed for the present.
Some disappointment has been created
by the hitch In the loan to Germany al
though the ease thus far does not seem
altogether hopeless. 4 deadlock of the
sort that seems TO have been reached
frequently Is necessary to cause a recess
sion or modification OF position on the
part OF the disputants. and il is possible
that recent developments will clear the
international atmosphere.
Although money Mt present Is easE.
largely owing TO the accumulation OF
funds for the mid month tax payments.
there is an inclination TO look for In
creasins stringency as the season prog
resses. Money viii be needed for moving
the crops, and improving business will
make its legitimate demand for funds
With the exception Of cotton, The crop
outlook is favorable In the case OF
cotton. frequent rains have retarded
cultivation. but the worst feature il the
extent to which they have laid the foun-
dation for destructive operations by the
boil weevil which thrives best in periods
OF mild temperature aud intermittent
showers
BUSINESS STILL
CONTINUES TO GAIN.
Business continues 10 gain in spite Of
the duration Of the coal strike. Industry
is proceeding on a gradually rising
scale. 1t seems rather remarkable that
fuel oil should be drug the market
with the possibility Of coal scarcity SO
pronounced. Fuel oil is now selling
at S1-25 4 barrel, with lighterage charges
in New York harbor, whereas a little
more than a year ago the price was
$50 per barrel
One of the impressive items rejecting
industrial activity is furnished by build
ing operations. with the May total fa- the
twenty seven northeastern States break
ing the April record by three percent.
with total Of more than 1862 ,o00. 600
which Is fifty Der cent larger than the
figure for May, 1921. Contemplated new
work reported gt the end OF May amount
ed to s519. 900 600
Washington officials. according to press
adyfces from the capital, expect railway
enlatoyes To accept the wage cmt awards
Of the Labor Board without disrautiye
protest. Feeling here is not quite SO
hopeless Labor union de,nayoxy is an
uncertain factor. and its psychology is
difficult q determine. The country needs
lower transportation rates ard til. car
riers can not furnish Il without re-
Gnct.aa IL costs. Railway wages are rel
atiEeIy much higher than those paid II
Similar lines OF effort. Under s,rch cir
c5isnstances the solution ~ the problem
viii lie comparatively simple Economics
hocwyer, - one thing and infaulsd group
constituencies Is another. With a salts
fae.ary settlement OF the question. it
weuid seem ti:c position os the railroads
will he favorable. particularly as lower
rates i'll take q burden OF the country
AMI 10 this extent stimulate the volume Of
traffic.