The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-03-15
ice MOvESlN
PWARD TREND;
RECOVERY REAL
nv stuart p. WEST.

e Wall street. Ne" ~
sIea movements today were
i Is interesting for the light they
upon the significance nj
If the recent market changes,
~ have been matter OF dis
II The view that the break in
.s,,g exchange during the first
.s,ybt of March, from $4.44B to
IL was mainly an over violent
a.son from too enthusiastic
..ealation for the rise had been
..hably borne out by the abrupt
m Al last nights close.
n was further strengthened to-
- nv the steadiness of sterling
= The other exchanges at and
.sme Yesterdays higher levels.
II. inference from this was that
= recovery was real one and
II simply the ephermeral sort
AR comes from a temporary
n, in the surface speculation,
=, the downward plunge in its
~ stages had been altogether
Issessiye and a Misrepresentation
line two positions in information
Il finance.
4 Today's developments in the
4sin market suggested that, it was
fnmething more than the undoing
IN weak speculative situation
I'M had been back of the break
ssrn the S1.50 level. May wheat
I'm another three cents and at its
I'm was off nearly 20 cents bushel
Fam last months top. The more
$nmediate explanation of this de-
Line was that the foreign market,
Itich has been furnishing the main
Import for the last two weeks,
Iddenly broke badly, while at the
lame time there came from the
Iorthwest a new food of favorable
|.tYices regarding the winter crop.
h must now be owned even by
Il hose who were keenest about the
prospects for the grain trade at 3he
|Outset of the month that when it
| ane to revising last autumn 5
| view of an over abundant world
supply. opinions swung much too
Han the other way. II did not make
|.noagh allowance for the amount
hi recovery which can occur in the
rOwing harvest, however had the
sinter has been, on the coming of
|gfing weather. Besides it over
ksted the extent of damage done %
|lhe new crops in competing coua-
Tries.
The greater part of the time the
Eock market followed a course
quite similar to that of previous
bays Speculative syndicates again
pushed ahead their favorites wi !
|ie same energy and -confden J
bat those operations have shown
Eght along for the last month and
half. Here and there stocks
khich had not been receiving their
Ihare OF attention were taken III
md. Conspicuous among these
Fsre the copper and other metal
|Naes, most of which reached high
/ prices than any recorded cor
|sne time. Motor accessory stocks
Fele in demand, and so were the
|lbaccos and can shares. But this
bidding of Specialties was inter
Esrsed with a great deal more
EaIizing 1t was in fact a much
pore two sided markell market
n which leaders of yesterday and
Ne day before were coming down,
pile others were going up.
Wall Street. New York, March Is.
|EThe whole list was thrown into
|0me confusion late in the after
|OOn by break in Northern Pacif-
and Great Northern preferred,
l1der which these stocks went
sEn three or four points. When
lae expected dividend announce
|Hent was delayed, it started heavy
Filling both in Great Northern and
4 its companion Northern Pacific
Word came that the method of
,Fldend payments was to be. chang
~ that hencefOrth they were to be
ismi-annual, and that while it was
fopsd the regular Z per cent on
fFeat Northern preferred would be
Ealntained, there would be no de-
son until next June.
The reason is two fold, first, that
fderrlng the dividends for another
IIee months will give time for the
ped Improvement in railway traf-
+ IN the northwest and, second,
IL directors will be better able.
June to decide how much can be
lawn from the Burlington and Col
aao and Southern treasures 10
fsAe up, as was done last year, the
leu on Great Northern and
fofthern Pacific.
nhen this situation was better
lerstood the two stocks rallied
1apidly.