Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-01
PROGRESS IN
UPWARD TREND
INTERRUPTED
Series Of Unsettling Incidents
and NIisgivings Are De-
pressing.
OPTIMISM IS JUSTIFIED
Special to Indiana Daily Times
and Philadelphia Public Ledger.
RV HTnNVTOp

By MONITOR.
NEW YORK. May 1-Progress in the
upward movement Of stocks has been in
terrupted in the last week by 4 series Of
unsettling incidents. as well as misgiv-
inSs over the effect Of others looming on
the horizon. Discussions at Genoa at
times have given the situation the ap-
peIrance Of an impasse. while the appeals
II the British premier. in his efforts to
gain his point have Gdded an alrmist note
30 the proceedings Of the conference At
present the logged optimism Of the hnan-
cial community seems justified.
Securities have steadied somewhat In
sympathy with relative irmness in the
major exchanges.
CONCLUSIONS
HOPEFUL.
Hopeful conclusions also have been
been reached in regard To other dis
tributing factors-tha coal strike and the
prospect of a reduction in railroad
rates. The coal strike continues 20 drag.
There are some predictions that the BIZ
luminous lockout viii last until the end
pf Nay. while the anthracite dispute may
not be settled before September. Moth
ing is known here concerning the plans
ot the Administration for efcctinS an
adjustment. but there is general conf
about 4 settlement.
Il is admitted by business men gen
orally that a downward revision Of rail
road rates would be helpful at this time
nevertheless II is felt that there would
he peril in forcing the carriers to lower
their traffics without concessions on the
part Of the employees. II rates are re-
duced. the Railway Labor Board may
be spurred To early action.
RAILROADS N
BETTER POSITION.
Otherwise, the position Of the railroads
gives much basis for encouragement. )
The exhibit by the leading eastern and
trans-cOutinental lines is duplicated by
most of the southern and western syS
tens The gains in gross cannot be
wholly ascribed to increased coal haul
ing as this commodity is a relatively
unimportant item on many lines. One of
the most favorable features is the evil
dence Of operating efficiency reelected in
the numerous declines in the operating
rates. Union Pacific for example. shows
a decline Of 7.G9 per cent in its operat-
ing ratio. for the first three months of
the year, compared with last year. Thera
is good eVi lence also that the inn owed
earnings are actual gains and not merely
the fictitious increment resulting from
the deferment OF essential maintenance
charges.
Copper stocks are coming in for in
creased attention as q result Of the i'm
proved statistical position Of the metal
aud the probabilities Of Increased de
mand in the near future. IA the first
three months Of the year sales for the
consumption in this country and for ex-
port have amounted to about Dol 100000
# OF no sale for NOR
We're 2 trife over 1G2.Coo00 pounds. Ii
these three months production and i'm
ports were 4 trifie OVER 200 Oo0. 900 pounds.
hUs showing q shriHkage Of nearly 142--
p 0G.00 pounds. since the first of the year.
Surplus stocks of 793.000o00 pounds.
therefore had shrunk to about 6J0000
pounds at the beginning Of April. and
this month they have declined still fur
Their. At the present rate Of consumption
and export, and with production slow
about getting under way. stocks VIII be
not far from normal in the near future
INCREASED DEMAND
FROM UTILITIES.
This statistical improvement does not
take account OF the largely increased dc
mand that should come from public util-
ity expansion this year. OUTLAWS for
low construction, extension aud better
mentS should call for vast quantities Of
-ifr lrl LeEdi-
The money market continues definitely
20 indicate slackened demand for credit
tor general business and industry. Sub
s-anrjal declines in bili holdings and
Federal reserve note circulation are the
items chiefly responsible for the rise in
the ratio ia 7S.3 per cent Not since the
country entered the war mas there been
such moderate call for the services Of
the Federal reserve system. This is a
k-7-.r NJ
depression. The continued decline in In
terest rates comes from the release OF
capital from industry. y vertheless. the
absorptjve power of the Investment mar
ket continues to amaze the layI1en. Part
of this results as stated above. from bust
ness inactivity, but it would be just as
well not TO lose sight of the increase in
the countrys CAPITAL IN the last year,
which has been estimated at S, G00,O00,O00.