The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-03-10
EASED RATE ON
MONEY IS FELT
BY STOCK LIST
BY STUART P. WEST.

ms a W AoAs
New York, March 10.-Operations
AR the rise were resumed on the
rock exchange today, but as usual,
.hase we're interspersed with a deal
4 speculative realizing. A large
lumber of stocks were bid up at
cne time or another, while in 9TH
as profits secured on previous days
~are being taken. 1t was the type
n movement which has now be-
some familiar-a series of special
nnturns rather than any general
sxing forward, the continual shift
ing of the active trading element
INTO stocks that are on the move
from stocks that are temporarily
doing nothing.
II was in the stock market that
most of the days interest centered.
In other quarters there were few
fresh incidents. The foreign ex-
changes were somewhat lower, but
With no indications that the down.
ward turn which started at the
rlose of last week and was check
ed when sterling was off nearly 10
cents from its top, was to be car
RED further. After yesterdays
violent declines the grain market
auieted down, while cotton was ia
yorably Influenced by reports of
better conditions at the English
spinning centers. The latest de-
yelopments in the Indian prices
had some effect on the foreign mar
kets. but they found no reflection
here.
AS was the case yesterday. both
bond and share markets felt the
stimulus of the declining money
rates. For the second time this
year. the quotation on standard call
loans was reduced to four per cent.
which meant the lowest level since
the summer of 1919. When this
happened before, interior banks
drew down their New York balances
to such an extent that Wall Street
was quickly forced to raise its bid,
first to Az and then to per cent.
But since then has come the rise in
farm prices, and with it the further
LIQUIDATION of frozen credits in the
agricultural sections. The addi-
ten to the available credit supply
in the interior will this time prob
ably influence out of town banks
to acquiesce in the less profitable
terms offered in New York.
1t appeared plain that the invest
ment market was taking the view
that the latest fall in money rates
was to be something more than
temporary. Dealings in bonds set
a still livelier pace, with uncom-
monty large transactions in the
United States war loans. The Lib
critics as a group went higher. while
the Victory 4%'s held the top. The
railway bonds were also actively
bought at rising prices. In the
stock market the four percent mon
ey rate had its effect chiefly as ii
encouraged the operations of spec
ulative pools. At the same time,
however, some investment overflow
was noted especially in the better
class of railway shares, which were
all strong. The excellent showing
made by Studebaker in its 1921 re-
port had evidently not been fully
discounted, and the stock was the
leader of the industrial list. The
steel shares were not affected by
the decrease of 100,609 tons report
ed in the untitled tonnage during
February. This decrease did not
reflect on the volume of incoming
business but rather was a measure
Of the increase on the mill opera
tons. which it is known rose from
around so per cent at the start Of
the year TO the present so per cent.