The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-06-29
STRIKE THREAT
HAS NO EFFECT
ON Rail. SHARES
BIZ sTCARr p. WEST.


There were only two features oil
any consequence in today's stock
market. One was sharp drive
against the recent faysrites OF the
oil speculation The Other was the
the railway shares and the readi-
ness with whie6 they rallied when
strength consistently displayed by
the selling movement ran its course
in the AIS. Taking the list as a
vholex il was slow to follow the
leaf OF these two groups. either
66rn or up. With the oil stocks
,breaking, some of them to 4
fpoints, the losses elsewhere were
fractional. The rise OF l TO
points in the railway section found
the main body of stocks equally
phlegmatic.
the holiday which many traders
propose to extend so as to cover
the period from Friday afternoon to
the following Wednesday-was in
part responsible for such weakness
as occurred. Such matters always
count in a market SO narrow and
professional AS at present. The
latter buying of the rails could
scarcely have been attributed tc
i1th hour hopes that the shop
mems strike would be averted
Rather it is an expression cf con
sideDce that a walkout OF the shop
mems union and the maintenance
OF way mon would not interior with
the operation Of the roads and con-
seQuently would not hurt their
earnings.
German marks sank to a new
low of .271s, a logical enough de-
velopment in connection with the
further heavy increase in note cir
culation in the latest German bank
statement This item now stands
1900 900 900 marks higher than il
did a fortnight ago, $4,000, 000, 00C
above where it stood on the first
of May and $4,000 100000 higher
than it was at the start of the year
No comment is possible on such a
situation except that German
finances are rapidly nearing the
rocks. Germany has tried the
forced loan, has raised taxes tC
what impartial Investigators have
decided is the limit and still can
not balance the budget when
stretched to cover the present rep
arations payments. 1t must keep
Oh with the desperate expedient OF
paper currency initiation until eth
er the reparations program is mod
flied or the obstacles are overcome
in the way of an international loan
While this initiation keeps on at it's
present pace, no bounds can be set
for the possible depreciation in the
mark.
French exchanges was affected
somewhat by the weakness in
marks and got down very close to
the low of a week ago. Sterling
was comparatively steady. A de-
cline in the bank of England ratio
from the approximately 20 per cent
OF week ago to 1925 per cent, was
mostly the result of preparations
for the mid-year settlements, the
effect of which is only transitory.
These settlements operations in
volve a large expansion in gov
eminent loans and in private de-
posits which materially raise re-
serve requirements.
& Taking the stock market in gen.
eral its action made it clear that
such selling as occurred on the two
previous days was of no conse-
qence. There was a certain amount
OF liquidation in the oil shares from
traders who had been drawn into
last months i'll judged speculation.
But outside OF these stocks, opera
tons for the decline made little
progress. When professional ex-
perimenters on the short side came
to cover their contracts, they did
so at little or no profit.
In the last hour with the pres
sure lifted from the oil stocks
prices hardened all around. New
York Central was the outstanding
feature all day in the railway list
rejecting continued buying in eX-
pectation of an increased dividend
later in the year. Steel stocks
held steady and so did the motors.
Such slight losses as there were in
the forenoon in these two sets of
stocks were regained in the later
dealings. Trading at the end was
very dull.
Call money renewed at AZ sper
cent as against per cent on We'd
nesday and in the course of the day
the rate on new loans SelI to IA &.
This was the passing OF what little
tax on the markets resources mad
been placed by the half year set
Element collections.