The Rock Island Argus and daily union., 1922-06-01
EXCHANGES co
L0WER;ST0CkS
STILL ADVANCE
BY STUART p, WEST.

wall Street. New York, June L.
There were few distinctive features
in the financial situation today and
very little in the way of new de-
yelopments. 1t was clearly enough
indicated that the per cent call
nesday was of no importance other
than it reflected preparations for
the hrst of June interest payments
by the fact that the renewal rate
today was unchanged at 4 per cent
Continental exchanges were inelin-
ed TO work lower, still bearing wit
ness to misgivings in banking cir
cles as TO whether the Paris con-
ference will be able to put through
a German loan of anything like the
amount which Germany requires to
balance her budget and at the same
time meet the full reparatiens pay
ment. Interest dwindled in the
wheat trading now that the posi-
ton of the last old crop months
has been liquidated. Both the
grain trade and the cotton trade
are waiting, as the matter of SUI
preme consequence, the official re-
port on the condition of the grow
ing crop, and in the meantime op-
erations seemed likely to be re
stricted. The security markets
were of the same type that they,
have been right along. Liberty
bonds held close to their high
points of the season, which meant
for most of them par or better.
The companies list was generally
strong but less active. There are
still no indications outside of the
most speculative rails and indus
trials of any general renewal Of
the rise in investment values which
was checked six weeks ago.
On the stock exchange it was an
other day of lively advance in in
dustriai stocks. The impulse of
these movements again came OBJ
viously enough from speculative
pools. Outside buying was still a
minor factor nor was there much
in the way of news to throw light
upon the individual advances. The
. slow but steady improvement in
the sugar trade position was re-
flected in greater activity in the
sugar stocks. Oil shares were
/. bought on intimation of an i'm
pending advance in crude oil
prices. Stocks of companies doing
business with the farmers, the fer
tilizer and agricultural implement
b. issues, were strong in recognition
Of the change for the better in the
crop regions. The recent fall in
wheat prices did not seriously af-
feet the position because the great
bulk CT the 1921 crop had been sold
around the high prices and pro-
: ceeds used to pay off agricultural
loans. Rail stocks were neglected,
! evidently waiting for the next move
In the railroad labor situation.
Again it was matter of consld-
erabIe interest while French and
most of the other continental eX-
changes declined, that sterling was
very strong with demand at $4.45
the high of the year The English
bank ratio fell from its high point
of nearly 20 per cent to 1880 pei
cent on the week and for the first
time in quite a while the circula
ton item expanded.
French note issues were also II
rather decidedly for the reasor
that the Bank of France was call.c
hPOh dui AhS NhS "SSh w
heavy advances to the government
1t is the custom in a market dom
mated largely by pools and profes
/ sional. interests for buyers in tht
early part of the day to clear II
their commitments before the close
1t usually means that strength a
the start is followed by increasing
irregularity as the session goes on
This was what happened again to
day lin the great number of in
stances the high prices were made
before noon. The after midda,
/ trading was a mixture of reaction
In the early leaders and fresh buy
fug in few new directions. Bald
1 win Locomotive, American Car ant
Foundry, American Locomotive anC
other equipments relatively quie
: for the last few days, were takeI
up in anticipation that after tn
rise now just where they stood I
the new wage scale and are able Il
! see just what the net loss is to bt
/ under the new rate condition, the!
{ will begin to buy equipment again
on large scale.