The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-03-03
sUCARS REACH
NEW TOP PRICE
FOR The YEAR
RY STUART p. WEST.

N,v york, March 3.-All markets
-.,s more or less affected at inter-
ID today by speculative realizing
.siss This selling did not impair
!, ali instances the note Of under
sing strength which was shown
y consistently for the last month.
rbe stock market stood up rather
tatter than the rest under this trial
= rs powers of absorption. How
sgar even in stocks, it was very
.slectiye movement A large part
Elm fact more than half the list
we're scarcely taken up at all. In
he groups picked out for atten-
,sor. pools and operators found no
5ifjcuIty in marking up prices.
The sugars reached new high
.riees for the year, not because of
NV developments in the immediate
,rade situation, but merely in con-
ssouence of the growing feeling
mat old surplus of sugar has been
rretty well worked off, and that
Establishment of stocks through
out the world will necessitate by
summer a considerable advance in
sugar quotations.
Tire shares were favored by rea-
son of reports that most OF these
eempanies have been doing a very
much larger business since the first
=, the year than they were in the
corresponding period of 1921. The
most important incident of the day
was the further lowering Of money
rates and the prompt response to
his decline which came in the
bond market The reduction of the
rate on standing loans from Az to
~ per cent have been .foreshad-
owed by the 4 per cent quotation
late yesterday for one day. 1t was
rather interesting that this easing
Of stock exchange credit should
have come in face of signs of an
increasing demand for money else
where. This demand was instanced
BY the further expansion in note
circulation and the fall in the re-
serve ration reported by the fed
eral board in it's weekly statement
It Is easy to understand the con-
nection between these growing de-
mands upon the banks and the re-
ports Of gradually enlarging mer-
camille business. But the question
is now, whether in view of this sit
|, nation. interior institutions will
feel like accepting Wall streets
reduced bid or whether they viii
not start drawing down their New
York balances.
The bond market. however. tool
the decline in money rates as II Il
we're to be something more thar
temporary. For a week or more 1
had Leen making its calculations
upon per cent rate. The droI
to the AZ per cent level therefor
had a stimulating effect both OF
prices and in volume of business
It was. in fact. one of the. bigges
DAYS OF the year so far as volume
q business was concerned. Lib
eay bonds went higher, and SO dit
ioreign government issues, IT,
United Kingdoms making new higl
records. The corporate list wa
more irregular but in the mail
moved upward.
The foreign exchanges went low
er because of profit taking OF som
| Of last months successful opera
| tors. Wheat. ran into heavy real
| ling after an upward rush at tn
! start. The export demand con
tinues active, as the weekly figure
| show.
What today's stock dealing
brought out beyond question wa
the complete control which larg'
interests had, over the speculative
situation. Under these circum
stances it is hard to set any i'm
] mediate limits, beyond, of course
4 the casual reactions, to this SLOW
but steady forging ahead OF prices
L twas a very orderly movement al
| through the day, but very per
sistent one. The coppers were a
length drawn into a rising tide Oh
reports that both home and expor
demand were picking up and tina
prices were again hardening. A few
| Of the low priced rails were BID W
but the group as a whole was com
paratively neglected.