The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-06-28
In
GERMANY HITS
EXCHANGE LIST
BY STUART p. WEST.

IT was another quiet day on the
stoek exchange. Professional ef-
srorts to get prices down were re-
9smed at the opening where they
len OF the previous night, but met
with very little success. Some
sstocks went down another half
point but in the general list there
was an absence OF real selling
which quickly impressed traders
operating for the decline. BY the
end Of the first half hour, short
covering had set In an by after
noon the list was for the most part
well above Tuesdays close. There
were few features in the movements
of individual stocks. Interest died
down considerably in the Mexican
oils and their place OF leadership
was taken by General Asphalt.
Rubber shares were helped by the
sharp rise in crude rubber prices
: anticipating that attempts to re-
strict the output which for a long
time has been expected, would have
q favorable issue. Brooklyn Rapid
Transit bonds and stocks came in
Tor more attention as the result of
The quite extraordinary showing
Which the road made for the month
on May.
TT Foreign exchanges were again de-
pressed with sterling off shortly
and francs and marks well down to
their recent lows. 1t might have
been supposed that the declaration
of the Soviet representative at The
Hague that Russia would recognise
Al re-war debts. provided these were
I fairly adjusted. would have had a
good effect But as it happened,
Russia is not now the object of
! solicitude. Rather it is Germany
which holds that position because
I of the very real fear which exists
! In International banking circles re-
sgarding her ability to meet the next
few monthly installments of the
reparations without the help of a
apparently is further dilution OF an
Already enormously deprecated
paper currency.
I The weekly weather bureau re-
I port was of unusual interest in
view OF the supreme importance
Just now of weather changes in the
: calculations of the grain and cot
ton trades It appears to have been
"a favorable week for the winter
wheat harvest and for the develop
,ment Of spring wheat but on the
iother hand, drought and expected
heat threaten trouble for the crop
IF not shortly relieved. The gov
eminent authorities made it still
: palmer that the cotton market has
been counting altogether too much
on injuries from rainfall. It's
rtatement was that during the
week. cotton had made very good
progress all through the belt and a
particular advance in Texas and
Arkansas.
The rising tendency was checked,
az least for the time being, in the
Investment bond list. High grade
railway mortgages, the feature of
preceding days, were as a rule
/ slightly lower, and there was no
attempt made to renew the advance
IN the liberty group. European gov
eminent issues were unchanged.
They have been less sensitive to
tAe decline in foreign exchanges
man on other occasions this year.
With only two more days to COM
plete them in gathering funds for
me mid-year corporation payments,
It was not surprising that the call
money FnnaWQl 70 IN,
az per cent. Even this section of
the money market, however, was
easier in that the most of the new
bans later in the day were made at
~ per cent.
|, What today's dealings on the
stock exchange established more
than anything else was the mar
fowness of the market movement.
There is little or no fresh buying
rom day to day and very little real
selling. Under the circumstances
prices do not move far in either di-
reetion. The changes, when they
90 occur within the restricted "a
aus, are very abrupt, this because
nobody but the professionals are
DONG anything and the profession
ais when the turn comes, all try to
either buy or sell at once.
The market dragged along
through the afternoon at a slow
pace and was altogether more unin-
1efestiug than on any day in
nenths. Railway stocks were in
eined to rally with the rest also
compared with the industrials they
we're neglected Certainly no I'M
easiaess was shown as the fact of
ue big strike threatened to begin
q The end Of the week The mar
Aet devoted less attention to the
railway labor troubles than to the
eoal strike situation. The street
seemed to be impressed with the
seriousness or government efforts
. bring about a settlement and
we're disposed to believe that these