The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-04-20
STOCK MARKET
IS QUIET AFTER
HEAVY TRADING
nv STUART p. WEST.

wan street, New York. April 20.
: The main point Of difference be-
fswaeu todayis stock market and
tssf of wednesday lay in falling
~ Ia the volume OF business. After
- hour or more of heavy trading.
excitement suddenly subsidized and
,he whole tone of the market be-
zane quieter than at any time for
! week. Two differences were TO be
Drawn from this. The first was
that the rise of yesterday and this
morning was. to some extent, de-
uendent upon, the retirement OF a
defeated short interest and that
me market was feeling the effect
al the withdrawal Of this support
ing force. Tie second was that
enough stock had been supplied
from important banking and invest
meut quarters where the recent
soeculation was deprecated as ex-
cassive, to chill the markets en-
thusiasm- Liberty bonds recovered
mart OF their Wednesday loss and
taking the bond list as a whole,
such signs of reaction as had ap-
reared on the previous day were
pretty we'll dispelled. The invest
meut market was not discouraged
by the continued failure OF the fed
.eraI reserve banks to reduce their
discounts. 1t took its cue from the
abundance OF the money supplied
in all departments, the 31s per-
cent loan representing the lowest
of the year that part of the mar
Lkst and the increasing disposition
Non the part of the lenders to shade
lheir quotations both on time loans
and commercial paper.
Yesterday the speculative mar
ket had been more prominent than
the investment market. Today it
was the reverse. Not only was the
advance resumed in the bond list,
but in the stock market issues of a
reimbursement character were
more to the fore.
Little happened in the for
e.gn exchanges. They threw no
light whatver upon financial oper-
atoms regarding the Genoa confer
ence ana the outcome of the con-
troversy which had arisen over the
German-Russian agreement
Further deflation in paper note
issues was the feature in the week
ly reports of both British anc
French banks. The English circu
lation item had rather an unusually
large decline = 81 ,000,0 900 - while
that Of the Bank of France was
comparatively slight.
On the stock exchange dealings
again ran well above the million
chi RI htrf +
cause of exceptionally heavy trad
ing in the first hour.
From then on the market lost the
first activity that has character
lied it for tae last week. The ad-
vance continued in a number of di-
fections but it was a more cautious
movement.
Railway shares were bought in
expectation of a favorable series of
March traffic statements due with
in the coming week. Many of these
stocks made new highs for the
year, among them Atlantic Coast
Line, & y. W., n. & W, in the
Standard dividend paying group
and the ST. Pauls, Rock Island. the
Fries and New Haven in the nom
dividend issues. Railway bonds,
Especially the convertibles, moved
as usual in sympathy with the
Stocks.
I. S. Steel, common, had gone
Slightly across the critical par-level
but failing to pursue the advantage,
made the stock the object of heavy
selling in the latter part of the
day. Other steels acted similarly
while the coppers were held in
check.