The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-07-14

~ ~ 1AVAI - ~ II ~ Il. n
~ street, New xcfky JuIy~34s
~ important deyeJ0y1hon&e II |
n situation ~ rather - TIE |
lment ana monty 1G6Eb6tS
- the speculative lnhffoG ~
~ rates OF Standing lo1x6 Nero
~ to 3 per cent and tf0n1Act
Is call money wt13 fet0eted
~ the stock e4chsh<o 1T z1k|
csnt, tho lowest hGpfe ~ ~
and below anything oeen ~
r street since thef 6ptfne oil
= Time money and ofnfAefctAl
~ we're rnminaIly unchnhttA
fhsre was Increasing uswtil-
ness Of borrowers II both fht1Sf
7ffsts to meet the terms afhSd
&nders. Call loans On baAh6fSa
1Stances meanwhile were h1sd
? 81 per cent, . new low lot Ne
71oDn.
ne downward tendency IN mon
was plainly q consequences Of
Efsday's reduction ID the BAH
England rate and a Ute ftelinS
this will lead 70 another cut
FEDERAL reserve discounts hete.
I same anticipation WIS back Of
: continued rise in inv6stment
ices which was the most inter-
ing event Of the day. All classes
Liberty bonds made new high
cords. Railway bonds Of the first
1nks were selling well up to their
II for 1922. There was decidedly
pre OF an inquiry for railway and
austrial preferred stocks and
her shares Of a strictly invest.
INT character.
For the first hour, the stock mar.
~ was unsettled by another out
1reak of selling OF the oil shares
&Aftly this was the result Of the
1t1eral trade commissions recon-.
1endation to congress that nntuai
flock ownership be prohibited il
4 y Standard Oil subsidiaries ant
1f interests representing former
1Iponents OF industrial combina.
0(as that have been dissolved un
~ the antitrust law. Partly i
'WAs- in preparation for a cut IL
oftiae oil prices. While the selling
novement was going on in the oils
ether stocks looked heavy and SOM
II them were weak. But as sooi
- the oils stopped going down, tn
general market picked up quickly.
8 Public utility issues, especial,
ne stocks Of gas companies, wer
|4he leaders. Their first foreshad
|ewed higher dividends either in tn
near future, as with Consolidate
'0as, or before the end of the yeal
- with some Of the other CON
lpanies. In other industrials wher
POOLS are supposed to be workin,
prices were pushed forward rapid
as the general market gave til
chance. Studebaker, American Ca
and Industrial Alcohol were anon
this class Of stocks to have tn
quickest recoil. Railway stock
were comparatively neglected. n
doubt because OF tho labor uncel
tainosSs : 4CoppeTs SAand relate
shares were steady, but the steel
attracted less than the usual in
terest.
The erratic Mexican Petroleum
and the other Mexican issues Ct
over for the time being at least, th
saltwater scare. Their upturn wa
one Of the features of the late af
ernoon. Another was Studebake
which made Q new high record
preparation TO rthe extra dividn
anticipated at the meeting to
held two weeks hence.
The foreign exchange. sterlin
and continental rates alike we,
lower. Evidently the sterling ma
ket was not affected by the formi
announcement in the British Hous
q Commons by the Chancellor ,
me ExcheQuer that Great Britai
Will pay the full war debt to IL
United States amounting to $4,000
100000 nor were the French an
uerman exchanges Influenced
the German governments statemel
that 100000 gold marks remail
ing Of the July Preparations install
nent would be paid on Thursda