The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-02-17
IN ON STOCK
MARKET CALLED
UNINTERESTING
nv STUART p. WEST.

vail Street, New York. Feb. II.
rbe stock market today was in
ssed 10 proceed on the view that
I. fist as a whole had not made D
IA response yet to the bidding
], AZ two or three individual stocks.
80 operations as went on yes
'..day in Mexican Petroleum and
s.sI common were palpably de-
s-ned to cover up realizing sales
other quarters. Otherwise q
S,orous forward movement in two
n representative leaders would
..re carried the whole market
4 ,Ioue. II was this unfaVorable
..,hnical analogy, rather than any
mad consideration Of general f.
/ ,.pcial conditions that influenced
~ stock exchange today.
There was no further reaction in
- International money market to
~ reduction in the English bank
~. The weekly statement of the
sasral reserve system, showing
,Ast the moderate downward move
meut of the previous weeks in the
rsserye percentage had been check
i NAV have some bearing upon
NJ official action of discounts here.
\ rates are to be lowered follow
iur the decrease from to Az per
,s1t in the Bank of England rate,
his IS likely to be decided upon at
tbe meeting next week. The open
money market had moved on this
mpposition yesterday when call re-
uswals were reduced from Az to 4
mar cent. This rate held good to-
aay but there was again an in
ereasing pressure of bank money
IA find employment. This resulted
IN some concession on the part of
he borrowers.
The markets today were uninter-
esting as compared with other days,
IN which there have been lively
auctuations in one quarter or an
ether in stocks or exchange in
wheat or in cotton.
The secondary upturn in sterl-
ing had fallen at least cents
short OF the previous top of $4.3SA
There is no indication as yet that
he main advance is about to be re-
suned French exchange has for
the first time broken away from the
sterling movement Both yesterday
and today while the latter was hes
inting francs were pushing ahead.
German marks, which on the pre-
nous day had chung to the 50-cent
level developed definite weakness,
This was hardly to be wondered al
IN view of the clear proof given IN
the statements of the Reuter- bank
hat the authorities have again
been driven to the desperate expe-
dent of note imitation by the ex-
igencies of the monthly PREPARATIONS
payment.
The abrupt break in Mexican Pc
trOleum on the stock exchange suf'
Aciently illustrated the fiimsy char
aeter of Thursdays operations fol
the rise. Steel common-the other
ieader-was likewise left to droop
but Locomotive stocks were bid VI
along with their various special.
ties. Lehigh Valley was the only
rail stock to show much strength
this because of information that d
new segregation plan has been
drawn up which is expected to sat
isfy the government and which will
mean more for the stock than the
old plan that failed of official ap-
prevail. Generally. the railway list
was inclined to sag, and so were
the majority of the industrtals
Some Of the small copper dealers
we're reported as offering the meta,
at 1875 and even as low as 10 cents
a pound, as against the nominal
quotation of 1914, which the larger
producers are holding off for.