The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-06-14
Mex Debt NEWS
sTIRS ACTIVITY
IN BOND ISSUES
nv STUART p. WEST.

Il wall street New York. June IA.
4 compared with the excited flIc-
.,ation Of previous days. market
.,,veneuts both in securities. and
- ~ n,odities, were rather uninter-
ssting today. There was further
rscoyery in stocks at the outset.
hut this was quickly followed by
-sslizing sales that were heavy
.roneh 10 check the advance and
ring about an irregular reaction
,ster on. The wheat market went
hieher. while the cotton market
! aid off. Following the steady de-
4 zine OF the last week, French
francs were somewhat firmer, and
his had it's effect upon the rest of
,he foreign exchange markets. In
the bond dealings, the chief Incl
dent was a vigorous movement In
\ MEXICAN government issues, which
accompanied word from the Mexi-
l can agency here that the negotia-
lions with International banking
representatives for a settlement of
The Mexican debt were nearing a
satisfactory conclusion.
The stock market was once again
governed by consideration of the
immediate speculative shares. The
question was whether the violent
iall on Monday following a week of
more gradual declines, had or had
not corrected the excuses of Wall
Street pools in the market of April
and May. The fact that prices had
been brought down in many in
Istances over the greater part of the
ground gained in those two months
while nothing discouraging had
happened in the business situation
furnished a strong ground for be-
lieYing that the reaction had been
sufficient At all events the sipecu-
4 lative house had been put in order
again. Opportunity had been given
for important interests which were
sellers when the upward move ment
vas in the midst of its extrava-
gances, to buy back stocks to 70
points cheaper and the indications
we're that this opportunity has been
taken advantage of.
L Undoubtedly speculative Wall
Street had greatly oVerdone things
4 IL last months market. 1t has ov-
er discounted the progress of trade
recovery and taken undue chances
Prices paid for all this with {
4 violent and very expensive Teces
/ sion, it was again pertinent t
keep in mind that with money al
most going begging at percent
and with the industries of the coun
/ Try still on the mend, there was Nc
4 sound basis for a further down
ward movement of consequence
Call money was a teif1e firmer
1.-The rate of new loans getting VI
10 per cent as against the ex
/ treme low of "a. The reviews O
the iron trade referred to the las
week as period of further increase
in production. a great pressure or
he part of the consumers for early
delivery and a rising tendency Of
prices. In other words, the steel
Industry stands now at the highest
point yet reached in the recovery
which set in three and a hal
months. Advance in wheat options
EEsa quite pronounced following un
a mSdtACt WIGS bONA
H from the southwest and in the
Il spring sown territory of the north
ern states. Both wheat and cotton
Hare Just now weather" markets
but also as wheat prices after the
n belonged decline are in position:
to benefit from everything that cuti
town the growing crops, the cot
4 ton market his discounted unpro
Y pietous weather conditions and i
these do not continue would be ap
to suffer.
Studebaker was the leader in thu
stock market of the day. Its ad
vance was accompanied by tn
usual report of an extra distribu
ton either in cash or stock, al
though the next meeting at whicl
such action might be taken is no
scheduled until over month from
how. Mercantile marines cam
DOWN sharply in the afternoon oil
II President F'ranklin's statement Il
the annual meeting that earning
had beea running behind those o
year ago.
Other motor stocks-Pierce Ar
row, Maxwell, General Motors an
Z hudson Motors on the curb eX
eaange-were drawn along wit
studebaker and the /strength of thi
group made itself felt in the Who'll
market during the final hour. NeI
1 York Central after an early ad
vance went down for a while, whe
II became known that the dividen
ior the coming quarter was not I
Exchanged but had a quick rally
ne return OF Sinclair Oil to tn
dividend list with a decline at tn
rate OF 81 a share had evidentl
been discounted. The stocks on thi
Z news was steady.