The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-02-24
n LEADING
MARKETS GET
SEVERE TEST
= STUART p. WEST.

e York, Feb. 24.-All the lead
narkets-stocks, grains, cot
nd exchange-were subjected
g 10 further test sof specula-
realizing sales. The stock
AT gave the best account of
rhile the reaction was sharp
q the exchanges. The sharp
ii IN sterling and in francs will
i, 1cubt give some encouragement
4 sose who have been maintain
4 nat the recent advance was
s.sly the result of speculation,
shis view would not be war
...ed By any such decline as oc-
..,sd today. Speculation has been
4 actor in all the great swings
- exchange rates have been
...sgh but in the end it has al
a proyed of minor consequence.
s.,llng. on its first advance early
q he month, got up to $4.3SA.
,sarted within the next week to
III. This, as subsequently es-
f'sTshed. was merely a surface
|'',,stion in a strongly advancing
Ls.Eet Today's downward turn
ia 20 considerably further and
4 he classed similarly as super
Ia.
1 The strong forces underlying the
L,ssput stock market were demon
|rsted once more in the face Of
M nassing Of dividend on the Re-
rshljc Iron and Steel preferred. 1t
j,ss made clear that this action
a not been fully expected, as the
!eOck dropped nine points at the
|psuing of business. Eight months
Ia II may be imagined how an oc-
[Trrence Of this sort would have
Inset the general list. But then
Ia Industrial movement had
|sached the bottom of the hill. A
|peeulative market can adjust it
III ito any amount of bad trade
|,svs or unfavorable dividend ac-
hon, provided it feels sure that
|as worst is over and that better
hines are ahead. Today. as has
happened, so many times of late,
be action of the Republic Steel
|irectors passed almost unnoticed
Il the general list outside of the
heel shares. Even the steel group
went down comparatively little.
There was a brief pause at the
hart of business to see what eff
beet the Republic episode would
(aye. Then operators for the rise
bot busy again, directing their
|nergies particularly to the railway
|hares and the American oils. 1T
sis perfectly apparent that the
|aaden increase of activity at rap
ek advancing prices in a stock
|ke Rock Island common was not
bF spontaneous buying movement.
PH the important point was not the
Fsminence of pool speculation in
Ehging about such results, as the
Et that real holders, even with
b temptation of very recent 10
|znt rise, were so disinclined to
VI. The market for the oils was
Hidently taking account of the
bel that the decline in Mid-Conti-
NJ crude oil predicted more than
month ago had not materialized,
|d that the time was drawing near
FAen ordinarily the demand for oil
EDducts began to expand.
Trading in the afternoon was less
Eaiye and the plan of concentrating
Erhntion upon half dozen or so
feckS, while leaving other things
Iaae was carefully followed. In
b course of these operations Stu
lseaker reached par for the first
ze and Chandler Motors was
faally prominent.
N wheat. it was not any change
1 opinion regarding the trade out
dk that was reflected in the I'M
4Tain price changes. The weekly
port figures show the growing in
pence of the foreign demand in
recent advance in prices. Dur
4 the past week a total of 5,0S6, 900
f9hels of wheat were shipped
|ffoad and corn exports were
larly three times as large as in
{sruary, 1921.