The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-01-16
RAILS ACTIVE;
ATCHISON HITS
1919 PAR MARK
BIZ STUART p. WEST.

Nav York, Jan. 16.-Under the
..,mnlus OF an overlooking money
srcnJv the investment movement
s~rt M today, both in bonds and in
.tcrks Il was another session OF
,reat activity in bonds with a very
General advance in railway mort
ssres and with the representative
,ndustrial issues likewise working
higher. The presence of invest
rent demand in the stock market
~ss manifested more especially in
,he standard rails under the lead
~ Atchison, which sold at par for
he first time since 1919, and the
G srtire group moved forward a point
% two points.
Even in the speculative quarter
ne investment demand was plain.
r,dustrial and public and utility
.tocks of. at the best semi-invest-
meut rank, were actively bought by
investors who were impelied by the
. diminishing return on bonds and
higher grade investment stocks, to
turn into shares which are reason
! shIy sure OF their dividend but
J which still are rated as specula-
tive. Among these Studebaker and
chandler Motors were conspicuous,
Z AZ was North American, Peoples
! Gas and the equipments. 1t was
anparent that there was no big
ejaculation in the market, from the
way the market Disseminated in
favor of stocks which pay diyi-
dends. Among non-dividend pay
ers the motor accessories shares
moved in sympathy with the motor
! group and there were various 9TH
I, ers which were strong. But in the
/. main this class of stocks were not
Z tbe leaders, as they would have
beeu in a speculative movement.
In comparison with the dealing
in bonds and stocks on the stock
Z exchange the other movements of
the day were of minor interest.
Sterling and francs were both
strong, rejecting the over Sunday
Developments which seemed to give
more assurance that the new
French government would not in
terfere with the important projects
for reconstruction, especially the
4 gathering at Genoa in March. But
z the advance in these exchanges was
j relatively small. A more signifi-
5 cant feature was the continued
u heayiness in German marks despite
b the satisfaction expressed at the
3 partial moratorium granted in the
! co.mng German Preparations pay
: ment. Cotton prices broke again.
Z II does not appear that the hopeful
note which characterized cotton
Z dealings a week ago has been per-
! manently lost. Indeed there is no
I reason for the cotton market to
take a less cheerful view of the
trade outlook while the stock mar
ket is quietly demonstrating its OPP
timism on the same subject. The
truth seems to be the good feeling
over the outlook in the cotton goods
trade is outweighed temporarily by
I the threat that holders of spot cot
{ ton in the south will suddenly start
another selling movement for no
reason except an anxiety to get
4. cash.
There was a little furry in the
!. money market which carried the
!. call rate up to per cent in the
/. last hour of business but this was
!. q matter of slight importance. It
merely reflected a temporary cut
ting down of the daily supply of
funds through Withdrawals made
by out of town banks. The import
3 ant thing was that time money was
not affected. Bond prices came
down bit in the afternoon and
there was some speculative profit
taking in stocks. Still the reaction
In the share list was no more than
was TO be expected after the quick
profits which had accumulated
during the early part of the SEES
sion. While the greater part of the
market was inclined to shade of on
= the excuse afforded by the per
cent money rate there were many
Individual stocks which made their
best prices of the day in the final
hour.
Among these we're Mexican Pc
roleum, Pan American and one or
r two Of the American oils, Columbia
| Gas, North American and the ex-
port stocks.