The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-09-06
|HICIION HTS
STOCK MARKET
FIER ADVANCE NC!
~ SFUART r. WEST.

f- =
rSSkall Street, New York. Sept. g.
Nxpianstion for the selling which
cane into the stock market today
Nv m conditions within the market
itself rather than. anything on the
outside. Outside news was GER
tsinly not unfavorable. II anything,
4 vas favorable.
.sIatest figures on the shopmen's
strike indicated q very substantial
Gain in the number Of men at work
IS compared even with few days
ego, On the eastern roads the
average was placed close to so per
cent
What further information there
was on the subject of German re-
parations was more hopeful and it
was duly reflected in higher quota
fiohs for both French and German
exchanges. The franc sold above
$50 cents again as contrasted with
the recent low OF 7.45A. In short,
1t could not be said that any hap
eenings in the situation either at
home or baroad could have account
ed for the selling movement in
stock exchange.
4sReasons for such decline as oc-
CURED were wholly technical For
over a week the market had had no
reaction worth speaking of. Day
after day individual stocks had beer
tro rd dan Nat..t
trend today was certainly due OF
the well understood principle
therefore that no speculative move
ment can go on for long in enc
direction without at least some TEN
porary interruption.
Has Relapse.
One version might have been tina
prices having stood up SO well dur
ing the labor crisis, were reiaps
ing now that the strain was over
Another version might have beel
that the market was experiencing
the familiar speculative phenome
non OF selling on the good news
OF the strike settlement. But afte
all it was the rule Of reaction fol
lowing advance which accounts
better than anything else for tn
market of the day.
There was no important weak
ness except in one or two sets {
individual stocks. Mexican oil
broke badly at one time on the ri
viyal by Standard Oil organ of tn
charge which struck such terro
into the market a year ago, thu
new production in the Mexica
fields was far from keeping pat
with the oil capacity that is al
preaching exhaustion. Shippin
stocks were sold on the recent Gu
ting of passenger rates and the fea
that this would have an adverse e
feet upon earnings.
Railway shares sagged off a ha
point to a point, and there was
rather sharp recoil in the equil
ment stocks. But the selling d
not increase on the decline
would have been the case had Il
u,arket position undergone a re
change. On the contrary as pric
went lower trading grew less a
tive.
German marks during the grea
er part Of the day sold slight
above the .08 level as compar,
with their extreme low Just und
.05. Why the recovery has been
slight in view of the report
change in the French attitude rea
lily appears in the latest Germ;
n rank statement showing anoth
crushing load added to the pap
note circulation. The latest increa
-T23 .OO0,000,000 marks is by t
the largest of any week yet:
The lowest Hrices-day in stool
Even then there was no real SELF
pressure. The market went do,
IN a perfuntory manner, with trs
ing rather light. 1t showed not
much an anxiety to sell as an
disposition to buy until prices b
had what could be considered
proper set back. The continen
exchanges lost most of their ca
ghni with the course of the aft
noon and sterling went lower,