The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-09-18
N
HARpDEcllNE;
STERLING DOWN
= ~ srUART z. WEST.

Wall Street, New York, Sept IL.
wall Street got down to business
thi6 morning to find general and
rather sharp decline In the security
markets abroad and equally gen.
srs1, although not SO pronounced a
drop in the foreign exchanges.
French government bonds in Paris
and London were off point to two
points. British consols were lower
ana sterling down he in the
pound. :
These evidences OF concern over
the political situation In the Near
East which had not appeared on
Saturday could not be ignored in
the markets here. Over Sunday af-
fairs had manifestly become more
acute by the sensational British
note, calling upon the Allies and
the. British Dominions to send
forces to oppose the Turkish ad-
vance. Along with this were other
warlike moves mentioned in today's
news. Despite this news Wall
street was still inclined to believe
that a peaceful settlement would
be accomplished. However that
news over the week end provided
some pretty combustible material
In q market which had been for q
week or more visibly slowing up
{ The grain markets-always the
most sensitive of any to the sug.
gestion of war--had another violent
rise. Wheat options we're up ovel
8 cents a bushel from where they
left off Thursday The significance
of this lay of course in the expected
increase in the export demand
should there come clash with Eu
rope. On the other hand, a Euro
pean war would curtail the foreign
buying of cotton as it increased thu
consumption of food stuff. Conse
queutly the further sharp fall il
cotton options was quite as sugges
tive as was the action Of the whea
market, OF a genuine feeling Of un
easiness.
The selling in the security mar
kets rested most heavily upon for
eign government issues and recen
favorites of pools known on tn
stock list. French TVS dealt in
in our market went within tw,
points OF their extreme low. Unit
ed Kingdom 51s's of 1929 lost
point. Neither Liberty bonds no
the ageneral run of investment cor
pofation bonds were affected but il
the speculative market the declin
was very general. Prices Opene
down in some instances a full poin'
After an hour of uninterrupte
selling the market hardened an
there were few half-hearted at
tempts to put up industrial special
ties. But in the afternoon whe
wheat prices began their violen
jump the selling movement becam
more precipitate.
In stocks like StUdebaker, Bale
win Locomotive, and the Oils tn
losses ran from 3 to points. l
the rails they extended from
point to two points.
Whether or not the days rattle
slight price changes were trutl
full expression of banking and bus
hess opinion regarding Turkish a
fairs was by no means clear. TT
stock market had been going u
with little interruption for over
month. The wheat market ha
been. going down at the same pc
s'stence. To large extent II
movements in both markets tods
were nothing more than the rea
ton which is bound to come aft
speculation has long been swim
ing. In one direction.
At all events, the general po:
tion was much strengthened by Il
days occurrences. This was SHOW
Yin the final hour of business by
simultaneous recovery in stoc
and foreign exchange, while whe
reacted from Is high. 1t was
teresting but readily understand
bic that when the market turn
as 1t did in the late afterno
among the strongest stocks we
some Of those which have recen,
been conspicuously weak, I
Fries, Mexican Seaboard and Mo
camille Marine preferred.
The explanation lay, OF cour,
IN the fact that it was stocks
this sort in which the short 9
count was particularly large a
for which the covering" dema
was largest as the market turn