The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-02-15
STREET SHOWS
NEW INTEREST
IN SHARE LIST
nv sTUAHT p. WEST.

-
r.u York. Feb. 15.-An expand
,.g volume OF business on the stock
szchange today was accompanied
Suring the better part of the time
~ further advance in prices.
This revival OF interest in the
ssare list was the most important
sanpening of the day. Beside yes
,srday's violent and simultaneous
rsse in sterling, wheat and cotton,
todaye proceedings were quite
tame. The speculative following
was evidently taking some profits
ln all three markets. This brought
about some recession in exchange
rates and also affected cotton, but
he position in the wheat trade was
"a strong that realizing sales were
ouickly absorbed and after an ear
" dip the advance was resumed.
There were several influences
NAT counted in the stock market
movement. First and most impor-
ant was the apparently effective
imposition to the soldier bonus f.
nancing according to the program
Of the house ways and means COM
mittee. Second, there was the re-
turn to the Az per cent call loan
renewal, representing the minimum
Of three weeks ago. Third, there
was the weekly reviews of the iron
trade Journals that new business is
on the mend. All these things fig
ured in calculations, but the broad,
underlying cause was still the con-
6dence which has been steadily
growing for the last month, that
the spring will see the recovery in
general business which was inter
rupted in December and early jan
uary, enter it's second phase.
The recent 20 cent advance in
wheat, the cent rise in corn and
the corresponding improvement in
farm prices generally have OF
course greatly contributed to this
feeling of confidence. Restoration
Of anything like normal buying
power in the agricultural states
would hasten, more than anything
else that could occur, the return
to normal conditions in trade. The
first concrete bit of evidence that
the recovery in farm values has be-
gun to tell, appears in the state
ment of the Iron Trade reviews
that the situation in farm imple-
ments industry is improving. Mean
while the increase in steel mill OPP
erations is chiefly due TO the active
buying by railroad equipment pro-
ducers.
The bond market had been indif-
ferent on other days to the sug-
gestion of the issuance of new
bonds to take care of the soldier
bonus, Liberty bonds went higher
but only slightly. The general bond
list was quite as irregular-that is
quite as much without any general
tendency-as it has been for the
last week or more. In stocks, too
there were numerous exceptions tC
the main drift of things. While
steel common crossed 80, for the
first time, other steel shares APP
peared to be getting ready for the
publication of unfavorable annual
reports. Baldwin's remarkable
showing led to some further buy
ing in the stock. But as a general
market influence this was offset by
the poor showing of Allis Chalmers
during the last quarter of 1921 and
by the years figures Of Pressed
Steel Car, disclosing the fact that
even the preferred dividend had not
been earned.
Although not an influence in the
market interest was taken in a pos
sibility o ia reduction in the Bank
of England's rate tomorrow. The
reason for thinking this action
might be taken lay in yesterday S
announcement that the British Elk
chequer will suspend the short
term borrowing on treasury certifi-
Gates which it has been doing all
through the war and post war per
iod. This was another sign that
Great Britain's financial conditions
are on the mend.
In the industrial section OF the
stock market attention was mainly
directed to such speculative lead
ers as Baldwin Locomotive, Steel
Common, Mexican Petroleum and
Stndebaker. What was more i'm
portant, however, was the consist
emf huOvancv in %ha "a iIUaU GaPfioO