The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-07-07
! AXES
lump Marks
4 70 new Low
u sTUARr y W1sr.

J.
Ysrk, JAY 7. 1As STOCK
t today had TO face the, test
Ivy profit taking following
Ssday's rise ana besides this
Ilhsr severe slump in the stock
1asicsn Oh Companies that are
Ia by the latest saltwater
~. ON the whois, It met this
saccessfaliy. The day started
~ another outburst Of buying
railvsy stocks and bonds.
rying many Of them thrcush
M pfeyioss high points Of the
~. This advance on top Of the
smoasffation Of the preceding
e. naturally invited realteing
- Under these, the railway list
IN hack q half point to . point
m sarpe was true Of the copper
tfocks. which we're quite strong in
~ early part of the day II antici-
1ation OF Z further advance fn met
n prices, but which later yielded
eanewhst under the closing out Of
oculatiys accounts showing their
l6ees. q profit. ~
J, a these two sets Of stocks fell
fIk. others were taken up. Both
q and refined sugar quotations
80 marked up again and this was
+ ~ occasion for fresh buying in the
4 1onr stocks. Along with the sug-
~ went a number of industrial
ecialties and several OF the pub.
utility group. Even while. the
lexican oils were in the midst OF
&eir collapse, there was an immed.
"a offset in the shape OF grsa,
S1rength in the Standard Oils which
Inumunicated itself to the stocks
other oil companies which have
interest in the Mexican uncef'
Sinties. Later on Studebaker VA
"a up to a new high.
What the movements In individ
III stocks showed to the expert
tnced eye was that the forces
! working for higher prices wer'
1lrong enough to find instant com
! Dsnsation for any points of weak
less developing and thereby prov
Ing their ascendancy. The storm
eenter of the Mexican oil stocks la.
b the Mexican Seaboard issue
&lealt in on the curb exchange. Her,
There was Q further break of l,
hints following an equally vfolen
I'M on Wednesday. There wa
neehing to be said, however, abou
thh break except that Wall Stree
NJ taking its cue from the floot
n telling orders pouring into tn
narket rather than from officia
esourances that the discovery o
Salt water in two of the Mexical
0eaboard wells was no surprise
that the contingency had been, fore
Ssen and provided against, 1t il
question, as it Is with Mexican Pc
tOleum. whether the inevitabl
iosses through encountering Of sal
water can be recovered through tn
successful exploitation Of new pre-
ductive territory. But It is q sui
ject upon wAich the public ca
usvsr hope to have much real In
formation.
fThe weakness in German an
hench exchange continued an
lsached the stage where report
Dat Germany was preparing t
confess inability to meet her obi
gations, were more readily al
cspted. Mark exchange got dow
u Z new low Of 10. France at rs
0nts were lower than they hav
hen at any time this year and bac
y where they were quoted last d.
eeAber. The decline of the mark
not surprising after the turtle
100000 900 note expansion RI
Dofted in the latest reichban
sAtement. But the rapid and COZ
ennous depreciation in the valu
the franc since the break up {
10 bankers conference at PAR
must by no means improve II
leson even upon the most obstinat
elsments in the French govern
mat