The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-06-26

3 JOHN CARSON.
wv TASHINGTON, June 26.-Wall
w Street is preparing to take a
vacation. Old established brok-
ers are going into receivership, prices
on stocks and bonds go down and the
bears" rule
Garner and the business man? 1t
means that Wall Street, always trying
to play sure thing game, is getting
cautious. With future conditions un-
certain, Wall Street sells and prepares
to take a vacation while 1t watchfully
waits.
This is the best opinion Of the au-
thorities in Washington. But peculiar
ly enough, while there Is no exagger.
ated optimism over the future, there
is likewise no great pessinlism. Fail.
ure Of few brokerage firms, regard
less Of their past traditions, Is little
cause for alarm here.
But the general drive on prices in
Wall Street is a matter for considera-
ton. Invariably, the investments or
the spectators try to play the mar.
ket six months ahead. That's the an
swer to what has been happening in
Wall Street.
An economic crazy quilt-that's the
picture you get firm economists here
of the economic situation in the
United States today
A dwindling market in Europe,
which is rapidly proving to the isola-
tionists that it is expensive to the
United States to remain aloof, and
proving also that as far as having a
job and earning money or having
prosperity are concerned, the whole
world is kin.
( But the United States is not heavily
stocked with goods.
The figures show conclusively we've
been eating or wearing out about ev.
erything we produced
Your department store shelves and
your grocer's' shelves are not loaded
with a burden they will have to un-
load.
That means there will be nothing
In the nature of a panic.
Savings banks throughout the
country have reported increases in
savings accounts That means the
people who have been getting big
wages have not bought silk shirts,
but have put their money away for a
rainy day. And that means a fine
tuying power to prevent a serious de
preston, idle factories and idle men.
Not So Pessimistic
That's sound condition Wall
Street knows that and Wall Street
is not SO pessimistic as might seem
over these failures.
But Europe is falling down on pur.
chases from the United States and
there is little to indicate that Europe
can be revived by any patent nos
trum. That means fewer exports from
now on, fewer automobiles. farm ma
chinery. cash registers and so on. go
ing abroad.
1t means also that business In the
United States must begin to reorgan
ize and figure on providing more and
more for a market in the United
States.
Wall Street knows that and that
is why Wall Street is uncertain and
getting cautious. They're Just play.
ing the game safe over there in New
York.
The figures to fill out this general
picture?
Well, in April. wholesale trade was
& per cent less than in March. Even
with this decline. it was 20 per cent
more prosperous than last April.
Mail order business was 10 per cent
less than In March. but was 80 per
cent more prosperous than in last
April.
Dry goods. shoes. building materials
almost everything slumped bit.
Against High Prices
Some authorities said it was due to
unreasonable weather" Doubtless
that was true. but also 1t was due to
reaction against high prices. espe-
ciallyAn the building industry.
The wheat farmers might have this
picture to tell their story.
The exports of wheat from Canada
during the last four fiscal years were
as follows: 1878, 900 bushels, 129,215,-
900 bushels. 1876, 489, 900 bushels. 205,.
074.000 bushels.
Note that increase In business Tor
the Canadian wheat farmer. he Ca